- Trump rallies at site of failed assassination: 'Never quit'
- Too hot by day, Dubai's floodlit beaches are packed at night
- Is music finally reckoning with #MeToo?
- Fans hail Trump's 'guts' as he returns to site of rally shooting
- Lebanon state media says 'very violent' Israeli strikes hit south Beirut
- Guardians maul Tigers, miracle Mets rally in MLB series openers
- Lebanon state media says Israeli strikes hit south Beirut
- Miami on track for MLS record points after win in Toronto
- Madrid beat Villarreal but Carvajal suffers knee injury
- Madrid beat Villarreal to move level with Liga leaders Barcelona
- Monaco take top spot in Ligue 1 with win at Rennes
- French rugby player on rape charge whistled but 'serene' on return
- Madrid beat Villarreal to level Liga leaders Barca
- Thuram treble fires Inter past Torino and up to second
- 'Fight': defiant Trump jets in to site of rally shooting
- Toddler among 3 dead in migrant Channel crossings
- Mexico City's new mayor sworn in with pledges on water, housing
- Israel on alert ahead of Hamas attack anniversary
- Guardians maul Tigers in MLB playoff series opener
- Macron criticises Israel on Gaza, Lebanon operations
- French rugby player whistled but 'serene' on return amid ongoing rape case
- Kovacic stars as Man City sink Fulham to get title bid back on track
- Retegui hat-trick fires five-star Atalanta to hammering of Genoa
- Heavyweights Australia, England off to World Cup winning starts
- Visiting UN refugee agency chief decries 'terrible crisis' in Lebanon
- Spinners come to party as England defeat Bangladesh at T20 World Cup
- Search continues for missing in deadly Bosnia floods
- Man City sink Fulham to get title bid back on track
- France's Auradou whistled on Pau return in Perpignan loss amid ongoing rape case
- A 'forgotten' valley in storm-hit North Carolina, desperate for help
- Arsenal hit back in style after Southampton scare
- Thousands march for Palestinians ahead of Oct 7 anniversary
- Hezbollah heir apparent Safieddine out of contact after strikes
- Liverpool stay top of Premier League as Arsenal, Man City win
- In dank Tour of Emilia, Pogacar shines in rainbow jersey
- DR Congo launches mpox vaccination drive, hoping to curb outbreak
- Trump returns to site of failed assassination
- Careless Leverkusen held to Bundesliga draw
- O'Brien's 'superstar' Kyprios posts landmark win on Arc weekend
- Toddler crushed to death in migrant Channel crossing
- Liverpool suffer Alisson injury blow
- Habosi helps Racing beat Vannes before Auradou's playing return
- Thousands march in London in support of Palestinians, 1 year after Oct 7
- Israel readying response to Iran missile attack
- Schutt, Mooney help Australia beat Sri Lanka in Women's T20 World Cup
- Liverpool extend Premier League lead with win at Palace
- Djokovic 'shakes rust off' to make third round of Shanghai Masters
- 'Imperfect' PSG fighting on all fronts - Luis Enrique
- Struggling Pakistan look to thwart adaptable England
- Child 'trampled to death' in asylum seekers' Channel crossing: minister
US stocks fall again, sending Nasdaq nearer to dreaded 'bear' market
Wall Street stocks tumbled again Friday following a plunge in Netflix shares that sent the Nasdaq further into correction territory, spurring questions of just how far the market will fall.
After a bruising session on European bourses, all three major US indices fell, led by the Nasdaq which lost 2.7 percent on Friday alone.
The tech-focused index is down about 15 percent since its November record, midway between the 10 percent loss considered a correction and nearing the 20 percent drop that qualifies as a "bear market."
"We're still pretty far from a bear market, but if we start to see signs that higher interest rates are slowing the economy, you could easily pass from a correction to a bear market," said Gregori Volokhine of Meeschaert Financial Services.
Friday's session was dominated by the spectacular fall in Netflix, which ended with a loss of more than 20 percent after it projected it would add only 2.5 million subscribers in the first quarter of 2022, a sharp slowdown compared with earlier gains in the pandemic.
Netflix results "particularly spooked" technology-focused stocks on Friday, said Ross Mayfield, analyst at Baird.
"There's a sense now that the consumer is kind of renormalizing their behavior and shifting spending to services," he said.
That feeling "set off a chain reaction of what the next year to five years of consumer spending might look like versus what we would have thought beforehand."
- Fear factor -
Stocks have been under pressure so far this year after the Federal Reserve shifted to a more restrictive monetary policy path that will include interest rate increases, with the first expected in March.
The Fed is scheduled to meet next week amid intensifying concerns about accelerating inflation that has spurred debate on how many times the central bank will raise the benchmark lending rate in 2022.
"The mood in the markets has been progressively getting worse recently as traders are preparing themselves for the prospect of the Federal Reserve hiking interest rates three or four times this year," said David Madden at Equiti Capital.
CFRA Research still expects solid US growth in 2022, but recently trimmed its forecast slightly to 4.2 percent based on an outlook that includes four rate hikes, said chief investment strategist Sam Stovall.
The S&P 500, the most broad-based of the major indices, has fallen 8.3 percent from its last record.
Based on how stocks have historically responded to monetary policy shifts, Stovall estimates the S&P 500 could fall about 15 percent.
But a drop of twice that amount is also possible, depending on whether equities end up more or less generously valued compared with history, he said.
"The question is how scared investors are likely to be?" Stovall said. "But I don't know the answer."
- Key figures around 2240 GMT -
New York - Dow: DOWN 1.3 percent at 34,265.37 (close)
New York - S&P 500: DOWN 1.9 percent at 4,397.94 (close)
New York - Nasdaq: DOWN 2.7 percent at 13,768.92 (close)
London - FTSE 100: DOWN 1.2 percent at 7,494.13 (close)
Frankfurt - DAX: DOWN 1.9 percent at 15,603.88 (close)
Paris - CAC 40: DOWN 1.8 percent at 7,068.59 (close)
EURO STOXX 50: DOWN 1.6 percent at 4,229.56 (close)
Tokyo - Nikkei 225: DOWN 0.9 percent at 27,522.26 (close)
Hong Kong - Hang Seng Index: UP 0.1 percent at 24,965.55 (close)
Shanghai - Composite: DOWN 0.9 percent at 3,522.57 (close)
Euro/dollar: UP at $1.1344 from $1.1312 late Thursday
Pound/dollar: DOWN at $1.3553 from $1.3600
Euro/pound: UP at 83.67 pence from 83.17 pence
Dollar/yen: DOWN at 113.70 yen from 114.11 yen
Brent North Sea crude: DOWN 0.6 percent at $87.89 per barrel
West Texas Intermediate: DOWN 0.5 percent at $85.14 per barrel
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Y.Nakamura--AMWN