So far the S&P has fallen 8.9 percent, the Dow has dropped 7.1 percent and the Nasdaq is down 11.7 for the month of October.
Oct 26 (Reuters) - U.S. stocks resumed their selloff on Friday, with the S&P poised to join the Nasdaq in correction territory, sparked by grim earnings reports from Alphabet and Amazon that eclipsed data showing the U.S. economy continued to grow at a healthy clip. In Asia, Japan's benchmark Nikkei 225 lost 0.4 percent, while South Korea's Kospi dropped 1.8 percent.
The S&P 500 index slid 48 points, or 1.8 percent, to 2,656 as of 3:48 p.m.
Technology and media and communications companies also fell. Wholesale gasoline slipped 0.8 percent to $1.82 a gallon.
The FTSE 100 closed down 0.92 per cent, or 64.54 points, to 6939.56, while the FTSE 250 shed 0.96 per cent, or 178.63 points, to 18,352.90. Heating oil jumped 1.1 percent to $2.30 a gallon and natural gas fell 0.5 percent to $3.19 per 1,000 cubic feet. Amazon's revenue fell short of expectations and its fourth-quarter guidance disappointed, sending shares into a bear market, down more than 20% from their peak.
AT&T sank after reporting weak subscriber numbers, and chipmaker Texas Instruments fell 8.2 per cent after reporting slumping demand.
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Other major companies also fell sharply.
The Russell 2000 index of smaller-company stocks gave up 57.89 points, or 3.8 per cent, to 1,468.70. The Nasdaq has taken bigger losses than other US indexes in recent weeks. US -traded shares of WPP fell 17.5 percent to $57.75.
United Parcel Service slid 5.5 percent to $107.93 after the shipping company reported weak global revenue, while the strong dollar and high fuel prices also hurt its results.
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Officials said earlier in the day that the Butler High School student had been brought to a hospital in critical condition. The wounded student, a male, was taken to Carolinas Medical Center, police said, where he succumbed to his injuries.
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Oladipo and Bogdanovic hit 3-pointers, and Collison knocked down a jumper from the corner and scored in the lane, to lead 81-66. James dominated with 28 points, 11 assists and 11 rebounds in his 74th career triple-double - the first with his new team.
On Wednesday, data showed sales of new US single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing.
The technology-heavy Nasdaq composite is now 12.3 per cent below its August peak.
Microsoft jumped 4.3 percent and Ford climbed 5.7 percent after releasing encouraging results and forecasts.
Colgate-Palmolive lost 6.6 percent to $59.58 after the maker of consumer products didn't earn as much revenue in the latest quarter as analysts expected. A correction is when shares drop at least 10 percent from their recent highs.
The Dow Jones Industrial Average fell 240 points, or 0.9 percent, to 24,757.
The S&P 500 has lost about 9.4 per cent from its September 20 peak and has given up its gains for the year, as has the Dow.
Benchmark U.S. crude edged up 0.6 percent to settle at $66.82 a barrel in NY.
The dollar rose to 112.27 yen from 112.23 yen. The fall came after the online retailer and cloud computing heavyweight reported that its quarterly net sales rose to $56.58 billion from $43.74 billion a year earlier.