Trump briefed on stock market sell-off

The Dow plunged almost 832 points on Wednesday, the third-worst point decline in history.

U.S. stock exchanges recorded biggest losses in 8 months as rising interest rates made investors flee risky stocks. Technology stocks dropped 3 percent, with Netflix, Amazon and Google parent Alphabet leading the way.

The Dow, the S&P and the Nasdaq all hit record levels between August 30 and October 3, even as the U.S. The two-year yield rose to 2.89 percent from 2.87 percent, and the 30-year yield climbed to 3.39 percent from 3.37 percent.

The S&P 500 lost 94 points, or 3.3 percent, to 2,785. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96. Berkshire Hathaway dipped 4.8 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.

Big moves in interest rates tend to unsettle investors, and they can also push them to sell stocks and buy bonds instead.

Earlier this morning, Wall Street suffered its worst trading day in eight months, with the Dow Jones Industrial Average plunging 832 points to 25,599.

The market had enjoyed a stretch of relative calm, where even big intraday losses were erased by the end of the day. Nvidia wasn't spared either as the GPU-manufacturer out of Santa Clara, CA saw a drop of seven-and-a-half percent itself which brings its year-to-date market gain to 33 percent. Eastern time. It's on track for its fifth straight drop, which hasn't happened since right before the 2016 presidential election.

South Korea's Kospi dropped 1.1 per cent, the CAC 40 in France dropped 2.1 per cent, Germany's DAX lost 2.2 per cent and the FTSE 100 in London fell 1.3 per cent. The Nasdaq fell 177 points, or 2.3 percent, to 7,560.

In the 1973-74 stock market crash, for instance, the S&P 500 peaked around 700 in December 1972, and then dropped a percentage point or two nearly every month through October 1973, a 15% decline overall.

Although the losses were widespread, stocks that have been the biggest winners on the market, including technology companies and retailers, suffered steep declines. Shares of Microsoft, Facebook, and Apple plummeted by -5.4%, -4.13%, and -4.63% respectively. The yield on the 10-year Treasury note rose to 3.22 per cent.

Sears Holdings plunged 37 percent after the Wall Street Journal reported that the struggling retailer is preparing a bankruptcy filing.

United States stock indexes dived around 1 percent on Wednesday as worries over China and the impact of rising Treasury yields on global growth drove falls in luxury goods companies and chipmakers.

The Dow Jones Industrial Average gave up 738 points, or 2.8 percent, to 25,686.

USA stocks dropped sharply Wednesday, as a selloff in technology stocks led the major indices to lows not seen since this spring.

The S&P 500 index fell 15 points, or 0.6 percent, to 2,864.

The NZX50 fell 1.15 per cent last week and this week is down around 1.8 per cent.

Bond prices fell. The yield on the 10-year Treasury rose to 3.23 per cent.

"As stocks go up, tech goes up more than the stock market".

Tom Cahill of Ventura Wealth Management said investors were also unnerved by remarks from luxury company LVMH of a crackdown on some goods in China amid the country's bitter dispute with the United States.

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