The US benchmarks ended the week on a sour note.
The Dow Jones Industrial Average sank more than 300 points, weighed down by Cisco Systems Inc (NASDAQ:CSCO) and The Home Depot Inc (NYSE:HD).
The S&P 500 fell close to 50 points by the end of the trading day after slipping into correction territory.
The top decliners on the index were Mohawk Industries Inc (NASDAQ:MHK) and Western Digital Corp (NASDAQ:WDC).
The Nasdaq was down more than 150 points by the closing bell with chipmakers Micron Technology Inc (NASDAQ:MU) and Nvidia Corp (NASDAQ:NVDA) continuing to fall on the tech-heavy index.
The Russell 2000 was down about 1.2% by the close.
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) was the top decliner on the small-cap index after a business update led to concerns about funding.
Up north, the TSX was down nearly 30 points as global markets anxiety weighed on the index.
12:40 PM: US stocks sink into the red this afternoon as S&P 500 falls into correction territory
The major US benchmarks were sliding into negative territory this afternoon.
The Dow Jones Industrial Average sank nearly 200 points, dragged lower by The Home Depot Inc (NYSE:HD) and American Express Co (NYSE:AXP).
The S&P 500 fell more than 30 points by midday.
Mohawk Industries Inc (NASDAQ:MHK) and Western Digital Corp (NASDAQ:WDC) were top decliners on the index with both companies falling double digits.
The Nasdaq lost more than 100 points in afternoon trading as Amazon.com Inc (NASDAQ:AMZN) continued to fall on disappointing quarterly results.
Chipmakers Micron Technology Inc (NASDAQ:MU) and Nvidia Corp (NASDAQ:NVDA) were also decliners on the tech-heavy index.
The Russell 2000 was up about 0.8% this afternoon with Synergy Pharmaceuticals Inc (NASDAQ:SGYP) leading the charge after a business updated fueled concerns about funding.
Up north, the TSX was down more than 40 points as global markets continue to decline and trade fears loom large.
10:00 AM: Dow drops 200 points and S&P 500 erases its gains for the year on disappointing quarterly results
US stocks fell sharply at the open on Friday and the Dow shed more than 200 points as investors digested last night’s disappointing quarterly results from Amazon (NASDAQ:AMZN) and Google’s parent Alphabet (NASDAQ:GOOGL).
Early in the session, Amazon fell 9% while Alphabet slipped by 3% after their revenues fell short in their latest quarters while their earnings beat Wall Street’s estimates.
The Dow Jones Industrial Average index dropped dramatically, losing 253 points to hit 24,734, dragged by Cisco Systems, Home Depot Inc, American Express Inc, Goldman Sachs and United Health Group Inc.
The tech-laden Nasdaq similiarly took a plunge, falling by 151 points to 7,166, pushed down by its worst performer Western Digital Corp, which dropped 18% after the disk-drives manufacturer posted weak quarterly results on top of an unimpressive forecast.
The S&P 500 shed its gains for the year and slipped by 36 points to 2,669 while the Russell 2000 index of small-cap stocks lost 31 points to 1,500.
Up in Canada, Toronto’s TSX also opened lower, shedding 58 points to 14,866 as its energy stocks were dragged back by the fall in the price of crude oil.
7:28 AM: US stock futures point down after Amazon, Google disappoint
US stock futures pointed to a significantly lower open for Wall Street's major indexes Friday after disappointing earnings from tech bellwethers Amazon.com Inc (NASDAQ:AMZN) and Google-parent company Alphabet (NASDAQ: GOOGL).
Dow Jones Industrial Average futures were down 185 points, or 0.8%, to 24,690 Friday. Meanwhile, the S&P 500 and Nasdaq 100 futures also pointed to steep losses. The Nasdaq-100 futures slid 94.25 points, or 1.4%, to 6,832.25. The S&P 500 was set to open more than 9% below its 52-week high, a 10% decline would mean it is officially in correction territory.
European stocks tumbled Friday, tracking a decline in US stocks futures after Amazon and Google missed earnings.
Financial markets have been hit hard by a range of worries, including the US-China trade war, worries about slowing global growth, rising interest rates, concerns that investors have already seen peak earnings growth for US companies and a rout in the currencies of emerging countries.