On Wednesday Stocks fell sharply while tech shares leading the fall and concerns regarding corporate earnings combined gave momentum to this month's steep pullback.
The Nasdaq Composite dropped about 4.39% to 7,108.39— opening the correction section — like Netflix, Facebook, Alphabet, and Amazon each went lower.
The Dow Jones Industrial Average fell 608.00 points at 24,583.41 and deleted all of its profits for 2018. The S&P 500 dropped about 3.0% to 2,656.9 and also became negative for the year.
Alec Young, managing director of global markets research at FTSE Russell said "An increasingly murky macro picture is clouding the 2019 earnings outlook leaving investors to largely shrug off a solid start to the third quarter earnings season." "While valuations have certainly come down in recent weeks, at 16 times forward earnings for the Russell 1000 index, they aren't in the bargain basement by any means, especially if earnings growth slows more than expected next year."