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.
Disappointing quarterly results and outlooks have stoked investors' jitters over future growth in corporate profits, a key driver of the stock market.
The major banks - Commonwealth Bank, Westpac, ANZ and NAB - have each lost more than 1.2 per cent. Commenting on today's market action, "it's been the one big weakness in the US economy".
The Dow dropped 296.24 points, or 1.2 per cent, to 24,688.31.
The Nasdaq experienced its worst day since August 18, 2011, falling 329 points, or 4.4 percent to 7,108, 10 percent from its August 29 all-time high.
The S&P 500 is down 111.68 points, or 4 percent. Other big decliners: Apple slid 2.2 percent to $217.86, while Alphabet fell 4.4 percent to $1,066.22.
"There's less pressure on the Federal Reserve to do something (on interest rates)", Bakhos said. They will get more insight into how the U.S.is doing early Friday when the government reports on economic growth during the third quarter. That's the Nasdaq's biggest drop since August 2011, but it's still up 3 percent for the year.
Both reported revenue that fell short of analysts' estimates. Shares of the third-most valuable US company jumped 5.3 percent to $107.85.
Twitter soared 15.5 per cent to US$31.80 and electric vehicle maker Tesla jumped 9.1 per cent toUS $314.86 after their quarterly reports, while video game maker Take- Two vaulted 8.8 per cent to US$120.70 after strong reviews for its latest game, Red Dead Redemption 2. The last S&P 500 correction happened in February.
Ford, which is struggling with sales in China, rose 9.9 percent as its earnings report raised hopes for a strong finish to the year, bolstering gains in the consumer discretionary sector .SPLRCD .
The S&P 500 index added 61 points to 2,717 as of 3 p.m.
Grim results late Thursday from Amazon.com Inc and Alphabet Inc, two stocks that have helped power the equity markets decade-long bull run, sparked the day's selloff and overshadowed data showing the USA economy continued to grow at a healthy clip. She expects that to change when the dust settles.
"Investors were looking at their earnings to maybe prop up the market and get us out of this correction that we've been in", said Paul Brigandi, managing director and head of trading at Direxion in NY.
Two other giant US companies, Amazon and Alphabet, will report their third-quarter results after the close of trading.
Stocks fell Friday as a technology sell-off rattled global markets. But huge companies like Microsoft have slumped this month.
Investors are disappointed by USA corporate earnings. Netflix lost 8.4 percent to $305.19.
Wall Street sank on Tuesday, continuing a punishing month for US stocks, as dismal outlook from industrial bellwethers Caterpillar and 3M sparked concerns over corporate growth and added to worries ranging from China's slowdown to Saudi Arabia's diplomatic isolation. Silver fell 0.3 percent to $14.63 an ounce.
The Russell 2000 index gained 30 points, or 2.1 percent, to 1,499.
McDonald's rose 6.1 percent after it beat estimates for quarterly same-store sales on strong demand in worldwide markets, while Verizon rallied to an 18-1/2-year high after beating estimates for profit and net new phone subscribers. Japanese telecom and energy giant Softbank lost 4.4 percent.
BOND YIELDS: U.S. bond prices rose.
Bond prices rose. The yield on the 10-year Treasury note fell to 3.09 per cent.
Benchmark US crude rose 0.8 per cent to US$67.33 a barrel. Brent crude, used to price global oils, declined 56 cents to United States dollars 75.61 a barrel. Hong Kong's Hang Seng sank 1.1 percent. That, along with gains in chipmakers, helped technology stocks rise 2.89 percent on Thursday.