Dow Jones drops 546 points as global market sell-off persists

Shares in Facebook Amazon Apple Netflix and Google’s parent company Alphabet all fell in New York trading

The roller coaster morning follows Wednesday's 832-point loss, the biggest drop in seven years. The stock fell 16.8 percent to 49 cents.

Tech stocks and companies that sell non-essentials to consumers have been some of the top performers over the past year, gaining almost twice as much ground as the S&P 500. The Nasdaq composite skidded 92.99 points, or 1.3 percent, to 7,329.06.

Worldwide markets followed the downward trend.

The recent turbulence in financial markets is a contrast to what investors have grown accustomed to in a bull market that has lasted more than 10 years, the longest in history. In 1956, the Fed raised interest rates, while global events like the Suez Crisis and the Hungarian Revolution caused investors to pull back.

October has often been a nerve-racking month for investors, and this month is living up to that reputation. The Russell 2000 index of smaller-company stocks shed 46.45 points, or 2.9 percent, to 1,575.41. The index has declined 6.7 percent during its current losing streak. The index fell 23% in 1914 and on "Black Monday" in 1987. That hadn't happened since August 2011.

The 10-year Treasury yield rose to 3.22 per cent from 3.20 per cent late Tuesday after earlier touching 3.24 per cent.

Higher long-term rates could slow down red hot sectors of the economy, including technology, especially as the Federal Reserve seems intent on raising short-term rates for the foreseeable future.

Kinahan said investors want to know if Corporate America is anxious about the Trump administration's tariffs on Chinese imports and if it sees signs of slower economic growth.

The sharp decline in stocks was led by a fall in shares across several of the world's largest technology giants. "Semiconductors have the most exposure to China out of segments in the S&P 500".

Markets in Europe came off their earlier losses after the inflation report.

Big losers in the Dow included JPMorgan Chase, Exxon Mobil, McDonald's, Pfizer and Procter & Gamble.

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Volatility has returned with a vengeance.

Some market watchers had predicted a bounce on Thursday after Wednesday's pullback, Wall Street's worst day since February.

Other markets shadowed the Dow. It was showing signs of Greed just a month ago.

"The selloff is healthy", Heider said.

Technology giants have suffered an investor rout that sent U.S. stock markets falling heavily on Wednesday.

Investors were "selling first and asking questions later", said John Augustine, chief investment officer with Huntington Private Bank. Energy companies fell with oil prices, and even safer bets like utilities and real estate companies sank.

Trump on Wednesday strongly criticized the Fed for tightening rates, again signaling that he wanted interest rates to remain low.

"Short-term bonds are getting to be a compelling place to hang out", he said.

This ongoing friction is likely to suppress markets for some time, analysts said.

Trade-sensitive industrial stocks also fell as tensions between Washington and Beijing persisted.

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