U.S. stocks slide, erasing gains from a rally a day earlier

U.S. stocks slide, erasing gains from a rally a day earlier

Asian stock markets opened in the red on Thursday, a day after technology stocks hit Wall Street with the largest daily decline since 2011 and wiped out all of this year's gains.

The tech-heavy Nasdaq composite bore the brunt of the sell-off, leaving it more than 10 per cent below its August peak, what Wall Street calls a "correction".

Two other giant USA companies, Amazon and Alphabet, will report their third-quarter results after the close of trading.

The S&P 500 index fell 84 points, or 3.1 percent, to 2,656. Hong Kong's Hang Seng sank 1.5 percent to 24,609.81 and the Shanghai Composite shed 0.5 percent to 2,589.65. Amazon sank 8.5 percent to $1,632.79 while Alphabet slid 4.9 percent to $1,047.62.

During the session, the benchmark S&P 500 fell more than 10 per cent from its September 20 record closing high, but pared losses to end above that level.

The Dow is down 860.92 points, or 3.4 percent. The Russell 2000 index of smaller-company stocks gave up 17 points, or 1.2 percent, to 1,483.

Snap (SNAP.N) slumped 11 percent in extended trade after the Snapchat owner said its number of daily active users fell to 186 million in the third quarter from 188 million in the June quarter, hurt largely by an app redesign and competition from Facebook's Instagram.

Benchmark U.S. crude rose 0.4 percent to settle at $67.59 a barrel in NY. It rose 1.3 percent to $354.65 after the defense contractor's latest quarterly results topped analysts' forecasts. Japanese telecoms and energy giant Softbank lost 4.1 percent.

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Technology stocks and media and communications companies accounted for much of the selling. The British FTSE 100 rose 0.6 percent, although WPP, the world's largest advertising company, said its business slowed in the third quarter and warned about weaker annual earnings.

Microsoft jumped 5.4 percent, Visa rose 2.9 percent and Comcast climbed 3.3 percent.

CHIPPER RESULTS: Chipmaker Intel was a bright spot, gaining 2.6 percent to $45.48 after reporting strong quarterly results.

A shift into less volatile assets has pushed bond prices higher, sending the yield on the 10-year Treasury note down to 3.13 per cent from 3.16 per cent late Tuesday. Shares were lower in most markets apart from Indonesia.

"Market technicals are showing signs of improving, with fewer stocks reaching 4-week lows yesterday and weak market depth of trading activity likely close to a bottom", Draho added.

Investors may also be signaling their concern that interest rate hikes by the Federal Reserve will dampen USA economic growth, according to Capital Economics. National Oilwell Varco lost 7.8 percent to $34.12. The Kospi in South Korea dropped 1.6 percent.

The dollar fell to 111.85 yen from 112.61 yen on Thursday.

Japan's Nikkei 225 index swooned 3.7 per cent to 21,268.73.

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