Stocks recover in European trading; Wall Street seen rising

US stocks fell sharply at the open

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 lost 163 points, or 2.2 percent, to 7,154.

US stocks plunged on Friday as grim earnings reports from Amazon and Alphabet rekindled a rush to dump technology and high-growth stocks, but data showing economic growth in the last quarter slowed less than expected provided some relief.

The Dow Jones Industrial Average plunged 2.4%, or more than 600 points, erasing its gains for the year.

The S&P 500 index jumped 49.47 points, or 1.9 percent, to 2,705.57.

Declining issues outnumbered advancers for a 3.95-to-1 ratio on the NYSE and a 2.82-to-1 ratio on the Nasdaq.

The Russell 2000 index of smaller-company stocks gave up 16.58 points, or 1.1 percent, to 1,483.82.

US stocks plunged again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and the S&P 500's gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled jitters about economic and profit growth.

Reacting after hours, Netflix dipped 3 percent and Facebook, which reports results on October 30, lost 2.3 percent.

The S&P 500 has now declined for five straight sessions and had finished higher on only four of the 17 trading days this month.

In other trading, benchmark USA crude lost 71 cents to $66.11 per barrel in electronic trading on the New York Mercantile Exchange.




TEARS IN TOYLAND: Mattel dropped 3.7 percent to $13.33 as investors reacted to the toy maker's latest quarterly snapshot.

The tech-heavy Nasdaq composite dropped 170 points, or 2.3 percent, to 7,151. 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 has jumped 6.1 percent after topping consensus estimates for revenue and profit, helped by strong demand for its Azure cloud computing and Office 365 software products. "Our forecast is therefore for the S&P 500 to drop by a total of about 15 percent from its recent peak".

Bond prices also rose, sapping yields, as traders sought safe-haven investments.

BOND YIELDS: U.S. bond prices rose.

The recent turbulence in financial markets is a contrast to what investors have grown accustomed to in a bull market that has lasted more than 10 years, the longest in history. Brent crude, the benchmark for global oil prices, rose 0.9 percent to $76.89 a barrel. The euro fell to $1.1353 from $1.1359.

After the closing bell, Microsoft rose 2.7 percent following the release of its results.

Major European stock indexes fell.

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

HOUSING SKID: The Commerce Department said sales of new US homes plunged 5.5 percent in September, the fourth monthly drop. Hong Kong's Hang Seng sank 1.1 percent.

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