Markets Right Now: Asian shares fall after rout on Wall St

NEW YORK – The latest on developments in financial markets (all times local):

10:30 p.m.

Shares have fallen moderately in Asia after the latest torrent of selling on Wall Street.

Japan’s Nikkei 225 index sank sharply on the open Thursday but levelled off, regaining some lost ground. By mid-morning it was down 2.9 per cent at 21,443.72. The Shanghai Composite index slipped 1.6 per cent to 2,561.36 and Hong Kong’s Hang Seng index skidded 1.8 per cent to 24,785.68.

Charts for the entire region were awash with the red that indicates losses, but the declines were mostly in the 2 per cent to 3 per cent range.

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4 p.m.

Stocks are closing sharply lower on Wall Street, led by a swoon in technology companies. The S&P 500 and the Dow Jones Industrial Average erased their gains for the year.

High-flying companies like Netflix and Amazon took some of the biggest losses Wednesday. Netflix gave back 9.4 per cent and Amazon dropped 5.9 per cent.

Several companies sustained heavy drops after reporting disappointing results. Texas Instruments, a major chipmaker, slumped 8.2 per cent and AT&T fell 8.1 per cent.

The technology-heavy Nasdaq composite is now 12.3 per cent below its August peak.

The S&P 500 index fell 84 points, or 3.1 per cent, to 2,656.

The Dow fell 608 points, or 2.4 per cent, to 24,583. The Nasdaq composite gave up 329 points, or 4.4 per cent, to 7,108.

Bond prices rose, sending yields lower.

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11:45 a.m.

Stocks are turning broadly lower in midday trading on Wall Street, extending a losing streak for the S&P 500 index to a sixth day.

Several big companies were falling Wednesday after reporting disappointing quarterly results.

Texas Instruments, a major chipmaker, slumped 3.6 per cent after its results missed forecasts. UPS fell 3 per cent.

Technology and media and communications companies also fell. AT&T dropped 6.2 per cent.

Boeing jumped 3.3 per cent after beating analysts’ earnings forecasts.

The S&P 500 index fell 16 points, or 0.6 per cent, to 2,724.

The Dow Jones Industrial Average fell 50 points, or 0.2 per cent, to 25,138. The Nasdaq composite gave up 75 points, or 1 per cent, to 7,362.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 per cent.

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9:35 a.m.

Stocks are off to a mixed start on Wall Street as gains for Boeing and other industrial companies are offset by losses elsewhere in the market.

Boeing jumped 2.2 per cent in early trading Wednesday after beating analysts’ earnings forecasts and raising its estimates for the year, citing faster orders for aircraft.

Texas Instruments, a major chipmaker, slumped 5.5 per cent after its results missed forecasts.

The S&P 500 index fell 4 points, or 0.2 per cent, to 2,736.

The Dow Jones Industrial Average was higher thanks to the gain in Boeing. The 30-stock index rose 71 points, or 0.3 per cent, to 25,259. The Nasdaq composite gave up 9 points, or 0.1 per cent, to 7,427.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 per cent.