Technology pushes global markets lower

On Tuesday stocks fell from London to Shanghai and U.S. equity futures signaled the global rout led by technology shares would deepen Tuesday, adding pessimism to markets already anxious over trade. Treasuries advanced and the dollar edged higher.

Contracts on the tech-heavy Nasdaq, S&P 500 and Dow pointed to declines at the open, while the Stoxx Europe 600 Index dropped a fifth day as its technology sector headed toward a bear market. Equities fell across Asia after U.S. software developers and chip makers dragged the S&P down Monday. Treasuries rose, driving the 10-year yield down to its lowest level since late September, ahead of the U.S. Thanksgiving holiday Thursday. A credit-default swap index of mostly high-yield issuers in Europe reached the highest in almost two years, signaling renewed nerves about the asset class.

After the downdraft last month, equity markets are struggling for footing in November as some of the technology companies that helped drive the S&P 500 to a record high earlier this year tumbled amid a slowdown in consumer sales and fears over regulation.

The Stoxx Europe 600 Index fell 0.7 percent as of 11:10 a.m. London time, hitting the lowest in more than three weeks with its fifth consecutive decline. Futures on the S&P 500 Index decreased 0.7 percent to the lowest in three weeks. Italy’s FTSE MIB Index sank 0.8 percent, hitting the lowest in almost four weeks with its fifth consecutive decline. The U.K.’s FTSE 100 Index fell 0.6 percent. The MSCI All-Country World Index dipped 0.4 percent to the lowest in almost three weeks.

West Texas Intermediate crude rose 0.1 percent to $57.28 a barrel, hitting the highest in a week with its fifth straight advance. Iron ore fell 0.5 percent to 520 yuan per metric ton. Gold declined 0.1 percent to $1,223.09 an ounce, the first retreat in more than a week and the biggest drop in a week.