Currency investors took shelter in the safe-haven yen, resulting in steep losses for Japanese exporters, with electronics giant Sony down almost five percent as blue-chip firms flashed red across the trading board. Netflix, for example, is still up more than 60 percent for the year, and Amazon is up almost 50 percent. The Dow Jones Industrial average fell 3.15 percent; the tech-heavy Nasdaq index dropped 4.08 percent.
"It's a correction we have been waiting for a long time", Trump said.
Trader Gregory Rowe works on the floor of the New York Stock Exchange on Wednesday.
"As concerns increase over higher interest rates dampening growth, investors are evolving their trading strategies accordingly". "It's all about investors rethinking their exposure to stocks."Many of the biggest United States names fell hard in Wednesday's session, with Apple, Boeing and Facebook all slumping more than four percent and Amazon, Nike and Microsoft shedding more than five percent".
"I won't let a stock market move on its own reshape my view of the economy", Bostic said.
"My assumption for the policy rate is that we can achieve our objective of keeping inflation to the 2 percent symmetric objective and the unemployment rate slowly rising back towards its sustainable rate with that stance of funds rate - but if we need more, we'll do more", he said.
'Both companies highlighted rising costs, not only input costs but increasing operating expenses (and) marketing expenses, ' she said.
The benchmark Nikkei 225 dropped almost two percent at the open and extended losses to below the three-percent mark, as traders fretted about surging interest rates and an ongoing trade spat.
Investors are leaning into safer stocks with steady dividends - utilities and consumer staples - and pulling out of the higher-paying, higher-risk stocks as other guideposts of growth, like the communication sector, tumbled.
The 10-year Treasury yield rose to 3.22 percent from 3.20 percent late Tuesday after earlier touching 3.24 percent.
The U.S. equities turbulence roiled through Asian markets early on Thursday, with the benchmarks from Tokyo to Hong Kong seeing declines in excess of 3 percent.
Economists generally agree that in order to prevent runaway inflation, the Federal Reserve can raise interest rates to restrain the money supply. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent.
As Hurricane Michael pummeled Florida, Wall Street was battered by storms as well, with the Dow shedding about 830 points, in the biggest fall since February, to close the day at 25,498.74.
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