Stocks shed 2% and are still falling as risk-off rout grips markets

Technology-related stocks Microsoft Corp, Google-owner Alphabet Inc, Amazon.com Inc, Apple Inc, Facebook Inc and Tesla Inc were down between 2.2 per cent and 4.1 per cent, weighing the most on the benchmark S&P 500 and the Nasdaq.

“The Evergrande situation, although big and impactful, isn’t the reason for this selloff,” said Jamie Cox, managing partner for Harris Financial Group in Richmond, Virginia. At 12:06 a.m. ET, the Dow Jones Industrial Average was down 663.66 points, or 1.92 per cent, at 33,921.22, the S&P 500 was down 90.65 points, or 2.04 per cent, at 4,342.34, and the Nasdaq Composite was down 380.55 points, or 2.53 per cent, at 14,663.42, and was set for its worst day since May 12.

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