Continuing weakness in the tech sector dragged markets lower Friday, a day after some of the biggest names on the Nasdaq saw large losses on Thursday.
The Nasdaq shed about 0.4 per cent at the open, a day after losing more than 3 per cent on Thursday. After starting the year strong, technology stocks as a whole are down almost 10 per cent from the level they were at in early March.
The Nasdaq index slumped 3 per cent on Thursday — its worst day since 2011 — after a brief, two-day recovery. The Nasdaq has been the main driver of global markets since last Friday when concerns over the valuation of many of its constituent stocks first erupted.
"There's a lot of pessimism in the markets right now," said Craig Erlam, market analyst at Alpari.
Following broad-based losses in Asia, where Japan's Nikkei suffered another big retreat, shares in Europe have fallen sharply. The FTSE 100 index of leading British shares was down 1.3 percent at 6,559 while Germany's DAX fell 1.8 percent to 9,289. The CAC-40 in France was 1.3 percent lower at 4,357.
The TSX shed about 130 points on Thursday while the Dow was off sharply, losing almost 270 points. "A grab-bag of concerns have suddenly come into focus," said BMO Capital Markets senior economist Robert Kavcic.
Wall Street was poised for further fallson Friday though not at the tick witnessed on Thursday.
Investors were also digesting a drop in earnings at U.S. bank JP Morgan Chase & Co., which said its profits fell short of market expectations. Wells Fargo, another bank, will release its earnings later. JP Morgan lost 4 per cent when markets opened on Friday.
Earlier in Asia, Tokyo's Nikkei 225 lost 2.4 percent to close at 13,960.05 and South Korea's Kospi slipped 0.6 percent to 1,997.44. Hong Kong's Hang Seng finished 0.8 percent lower at 23,003.64 and China's Shanghai Composite shed 0.2 percent to 2,130.54.
Elsewhere, the mood was fairly lacklustre, with the euro down 0.1 percent at $1.3876 and a barrel of benchmark New York crude 9 cents lower at $103.31.
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