Stocks slump again; S&P 500, Dow back into red for year

Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs

Stocks Slammed! Dow Plunges More Than 600 Points

AT&T was among the big decliners in the media and communications sector, dropping 8.1 percent to $30.36 after the communication giant's latest quarterly results fell short of Wall Street's expectations.

US stocks plunged on Friday as grim earnings reports from Amazon and Alphabet rekindled a rush to dump technology and high-growth stocks, but data showing economic growth in the last quarter slowed less than expected provided some relief.

More than 350 companies out of the 500 tracked by the S&P 500 index have lost more than 10 percent of their value since hitting their 52-week highs, according to a recent analysis from Reuters.

The Dow Jones Industrial Average fell 240 points, or 0.9 percent, to 24,757.

The S&P 500 index slid 46.88 points, or 1.7 percent, to 2,658.69.

The S&P 500 is down 111.68 points, or 4 percent.

The Dow and S&P 500 both moved back in positive territory for the year. The stock fell as much as 5.6 per cent before recovering to end down just 1.8 per cent.

The Dow's big gain on Thursday erased most of its 606-point swoon from the day before, but the average is still 6.5 percent below the all-time high it reached three weeks ago.

Ford Motor, which is struggling with sales in China, surged 7.4 percent as its earnings report raised hopes for a strong finish to the year, while Raytheon was up 1.2 percent after the USA defence contractor raised its full-year forecast. That's higher than what many economists had been projecting and followed an even stronger 4.2 percent rate of growth in the second quarter.

Market favorites like technology and consumer-focused companies have borne the brunt of the sell-off. Britain's FTSE 100 slid 1.3 percent.

Toyota Motor Corp. gave up 2.1 percent while Hong Kong-based retail supply chain giant Li & Fung Ltd. lost 2 percent.

Chip companies also sank following a disappointing forecast from Texas Instruments, which dropped 8.2 per cent.

More reports are due later Thursday in the USA, including from Google parent company Alphabet,, Twitter and Comcast.

On Wednesday, data showed sales of new US single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.12 percent. The index is now off about 9.4 per cent from its September 20 peak.

METALS: Gold fell 0.5 percent to $1,231.10 an ounce.

Microsoft, Intel, Alphabet and Amazon, all due to report this week, were down between 0.2 percent and 2.4 percent.

Major European stock indexes fell. In Asia, Japan's benchmark Nikkei 225 lost 0.4 per cent, while South Korea's Kospi dropped 1.8 per cent. Australia's S&P/ASX 200 was flat.

The dollar weakened to 112.44 yen from 112.47 yen on Tuesday.

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