At midday: TSX, Wall Street continue to fall as sell-off extends globally

At midday: TSX, Wall Street continue to fall as sell-off extends globally

At midday: TSX, Wall Street continue to fall as sell-off extends globally

Dow Industrial Average Futures were down by about 300 points, or 1.2 percent, in pre-market trading, implying a sharply lower opening on Thursday after falling more than 3 percent on Wednesday.

"Equity investors are surprised by the pace at which rates have risen", Marcella Chow, global market strategist at J.P. Morgan Asset Management, said in a report. (NASDAQ: NFLX) were among the hardest hit stocks of the past 48 hours, tumbling 7.5 percent and 9 percent, respectively.

A surge in bond yields came to an end as investors who sought safety bought government bonds.

President Trump blasted the Federal Reserve for raising interest rates.

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Canadian stocks also fell on Thursday, weighed down by a more than 2-per-cent drop in healthcare and energy stocks amid a broad based sell-off in global equities. The two-year yield rose to 2.88 percent from 2.87 percent, and the 30-year yield climbed to 3.38 percent from 3.37 percent. Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks.

The retreat on Wall Street was led by technology stocks, which dropped 2.33 percent, and the trade-sensitive industrial stocks that fell 2.22 percent. The yield on the 10-year Treasury fell to 3.16 percent.

That all played into a market that is increasingly anxious about global growth after warnings from the International Monetary Fund this week and a rise in Treasury yields to a more than 7-year high above 3 percent that signals a tightening of available capital globally. Amazon dropped another 2% to $1,719.36 and Apple fell 0.9% to $214.45. But it did not take long for volatility to return with a vengeance as major indices hit session lows in the final 90 minutes of the day before coming back slightly. Technology companies and retailers, including longtime market favorites Apple, Alphabet and Amazon, continue to slide. JPMorgan Chase and several other banks will report their third-quarter results Friday morning. Eastern time. It's on pace to be the index's worst day since February 5, when it lost over 1,100 points in a single trading day. Microsoft and Alphabet, Google's parent company, were little changed. 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% from a recent peak. Intel dipped 3.76 percent today but that might be viewed lightly when you look at team Red and team Green's day on the market. Those stocks have made huge gains for years, but they're now out of favor. The Nasdaq composite rose less than a point to 7,422. And there is still an overhang from the US trade dispute with China, which accounts for sizeable portions of some tech companies' revenue. Wholesale gasoline, heating oil and natural gas also declined. United States gold futures settled up $1.9, or 0.16 percent, at $1,193.4.

The dollar fell to 111.98 yen from 112.59 yen, and the euro rose to $1.1593 from $1.1525.

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