But stocks have been under pressure since the yield on 10-year US Treasury bonds jumped above three percent last week, a sudden move that raised fears of an overheating economy, speeding inflation and more aggressive Federal Reserve interest rate increases. Boeing lost 4.7 percent to $367.47 and Alphabet, Google's parent company, gave up 5 percent to $1,081.22.
The S&P 500 fell more than a percent, while the Nasdaq fared slightly better. That's still sharply higher than it was about a week ago, and earlier this week the yield on the 10-year note reached its highest level since mid-2011. The S&P 500 slipped 55 points, or 2 per cent, to 2,730. The Kospi in South Korea fell 3.6 percent to 2,148.97. The Nasdaq composite, which has a high concentration of technology stocks, tumbled 316 points, or 4.1 percent, to 7,422. "This meltdown isn't just a mild case of the sniffles suggesting the latest sneeze from the USA equity market could morph into a global markets pandemic".
"People fear building prices into the system, both from China trade problems, other tariffs the US has put into place, wage pressure, and today there is a little bit of concern about what the Hurricane in Florida could do to energy prices".
Shares in Facebook and Apple also fell more than 1 percent each. The Russell 2000 index of smaller-company stocks shed 37 points, or 2.3 per cent, to 1,584.
Shares in upscale jewellery retailer Tiffany & Co and perfume maker Estee Lauder both fell 7 percent after a warning from French luxury goods firm LVMH about softening demand in China.
The price of the bond with the lower interest rate, known as its coupon, will fall enough to raise the yield to mirror the higher rate. Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks.
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United States consumer price inflation is now above 2% and the unemployment rate is the lowest in about 40 years. The Fed policy has been criticized by President Donald Trump .
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Based on wind speed, it was the fourth-strongest, behind the Labor Day storm (296 kph), Camille and Andrew in 1992. It also set off transformer explosions and knocked out power to more than 190,000 homes and businesses.
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Erdogan said the kingdom has the responsibility to prove its claim that the missing Saudi journalist left the consulate alive. The Turkish newspaper also published the names, faces, and years of birth of each of the 15 intelligence team members.
The increase in yields from these bonds - which are parcels of U.S. government debt - can hurt stocks since they will provide competition for investors' cash. Amazon and Alphabet, respectively the second- and fourth-most valuable USA companies, are in what's known as a "correction", a drop of more than 10 percent from a recent peak. The index has declined 6.7 percent during its current losing streak.
The stock market sell-off isn't letting up.
Gold rose 0.2 per cent to $1,193.40 an ounce.
In other metals trading, silver rose 2 percent and copper added 0.8 percent.
All 11 sectors in the S&P 500 were lower, with banks and energy stocks the hardest hit.
The dollar fell to 111.94 yen from 112.59 yen, and the euro rose to $1.1594 from $1.1525.