Overview
- The Dow Jones Industrial Average fell 557.24 points to 46,590.24, its third straight decline.
- During the session, the Dow’s loss exceeded 700 points at one point before paring some of the drop.
- In Tokyo’s morning trade, the Nikkei dropped more than 1,200 points at one stage, briefly broke below 50,000, and was at 49,278.14 at 10:00, while TOPIX fell 50.78 to 3,296.75.
- U.S. market weakness was tied to waning expectations for further Federal Reserve rate cuts following Jefferson’s remarks.
- Selling was concentrated in semiconductor and other technology shares as investors trimmed positions ahead of Nvidia’s Nov. 19 earnings.