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Markets

US stock rout continues as market eyes SoftBank's options trading

Apple, Google and Amazon down sharply

Despite opening on a positive note, equities began tumbling as the acceleration of the tech stock slide upset investors.   © Reuters

NEW YORK -- U.S. shares came under heavy selling again Friday as investors continued to abandon large-cap tech stocks including Apple and Amazon.com, with the tech-heavy Nasdaq index retreating 5% at one point.

The Dow Jones Industrial Average fell 580 points at one point during morning trading, while the S&P 500 retreated 2.3%.

The Dow opened higher and climbed 200 points as investors jumped in expecting a rebound after an 807-point plunge Thursday. The better-than-expected jobs report released in the morning contributed to the buying.

But the index started tumbling as the acceleration of the tech stock slide rattled investors.

The Financial Times reported Friday that Japanese conglomerate SoftBank was the big buyer of derivatives that stoked the tech-sector rally.

The company snapped up options in tech stocks during the past month, contributing to the largest trading volumes in contracts linked to individual companies, the story said, citing market sources. 

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