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00:00:01
>> Week results from tech titans Amazon and Google parent, Alphabet sparking another major stock market selloff Friday. Shares of Amazon plunging 8% in the stocks. Worst one day performance in four years. Reuters markets correspondent, Lewis Krauskopf.>> Investors are focusing on their holiday forecast which calls for growth, but growth that's not as fast as investors were hoping for in their sales and Amazon shares are getting hit hard.
00:00:32
That has to be put in a little context of the fact that the stock is still up 40% this year. Alphabet, also getting hit today. Alphabet posted weaker than expected revenue for the first time since the first quarter of 2016.>> The selloff in those two tech stocks weighing heavily on global markets.
00:00:51
Stocks across Europe tumbling on track for their worst month since 2015. And on Wall Street, the Dow dropped 300 points.>> The NASDAQ right now is on phase for its worst monthly performance in about ten years. It's been real volatility that we've seen the last few weeks and it's being taken out in particular on the NASDAQ, which until recently had been by far the best performing of the three major indexes.
00:01:20
The S&P right now is flirting with correction territory, which would be down 10% from its recent high and that would be the first correction that we've seen since the start of the year.>> One bright spot, Friday, the US economy grew at 3.5% annual rate in the third quarter above estimates.
00:01:39
That strong GDP number, however, didn't do much to help turn around investor sentiment.