The technology-heavy Nasdaq exchange endured a severe selloff as US stocks finished sharply lower on Wednesday, with risk-averse investors fleeing equities wholesale.
The Nasdaq slid by 329 points or 4.43% to settle at 7,108 as the exchange fell into correction territory.
From Apple to Amazon.com, both tech giants were punished by investors, with the retail giant closing 5.9% down and the iPhone maker declining 3.4%.
The Dow Jones Industrial Average sank below 25,000 points by falling more than 608 points or by 2.41% to settle at 24,583.
It was the worst drop for the Dow since losing more than 831 points earlier in the month.
The S&P 500 was down 3.08% to close at 2,656.
The Russell 2000 index of small-cap stocks also retreated 3.2% to conclude at 1,477.
In Canada, the TSX dropped more than 335 points to trade at 14,949.
12:41 PM: US benchmarks fall in afternoon trading led by tech stocks
The major US benchmarks were in negative territory this afternoon with tech stocks leading the dip.
The Dow Jones Industrial Average was down more than 110 points, weighed down by bellwether Caterpillar (NYSE:CAT) and United Technologies Corp (NYSE:UTX).
The S&P 500 was down more than 20 points by midday. DXC Technology Company (NYSE:DXC) was a top decliners on the index after reports that its Americas boss will be exiting.
The Nasdaq fell more than 110 points in afternoon trading. Chipmakers Micron Technology Inc (NASDAQ:MU) and Nvidia Corp (NASDAQ:NVDA) were once again two of the worst-performing stocks on the tech-heavy index.
The Russell 2000 fell about 0.8% this afternoon with Travelzoo (NASDAQ:TZOO) leading the way.
Despite swinging to a profit, the travel deals company fell short of analyst estimates and reported flat membership in North America.
Up north, the TSX was down nearly 200 points after Bank of Canada raised the benchmark interest rate.
9:00 AM: Dow Jones Industrial Average futures turn positive on back of Boeing numbers
US stocks are seen mixed but the Dow Jones Industrial Average went higher mid-week as traders await more earnings and digest the numbers from airline carrier Boeing.
Boeing Co (NYSE:BA) shares flew up 3.99% to $364 after it reported better than expected third-quarter results and raised its full-year guidance.
Having been lower earlier, the Dow Jones Industrial Average futures are up 22 points at the time of writing, the S&P 500 is down 4.75, while the Nasdaq futures are off 4.25.
Shares in Deutsche Bank (ETR:DBK) slumped nearly 4% as the ailing lender reported a 65% drop in profit in its third quarter.
Deutsche has had three consecutive years of losses and a myriad of negative press, including a ratings downgrade and several senior level exits.
Barclays plc (LON:BARC) on the other hand saw shares rise 2.55% despite it unveiling a 10% drop in profit for the first nine months due to fines and charged.
But CEO Jes Staley said the group was "firmly on track" to generate improved returns.
Meanwhile, President Trump has been at it again with his criticism of the Fed's rise in interest rates.
The Fed chair "almost looks like he's happy raising interest rates," the president reportedly told the Wall Street Journal.
A whole host of quarterlies are expected before the bell, including AT&T Inc (NYSE: T), Boeing Co (NYSE: BA), Brink's Company (NYSE:BCO), Hilton Hotels Corp (NYSE: HLT), Tupperware Brands Corp (NYSE: TUP) and UPS (NYSE: UPS).
The Dow Jones Industrial Average closed down around 125 points at 25,191, while the Nasdaq index shed around 31 points at 7,437 and the S&P 500 was down around 15 points at 2,740.
In Europe, FTSE 100 headed north after closing lower on Tuesday, and stands at 7,010 at the time of writing, up around 56 points, while the German DAX is up around 40 points and the CAC 40 is up 39.
In Toronto, the TSX closed over 127 points lower at 15,285, while in Asia, stocks were mixed.
The Nikkei 225 added around 80 points at 22,091. The Shanghai Composite Index added over eight points to 2,603.
Fiona Cincotta, analyst at City Index, said of US earnings season: " A flood of results on Wall Street is showing the first cracks in the recent boom story, indicating that a slowdown in the economy may be under way.
"Particularly telling are numbers from big industrials such as Texas Instruments which not only reported lower results but also said they expect weaker semiconductor demand ahead.
"Wall Street analysts are pointing the finger at China arguing that a slowdown in the world’s most populous country is beginning to spill into other markets."