The Australian share market has been in free-fall all week, and today is likely to be no exception.
ASX futures are down 22 points, and the Australian dollar was steady at 71.9 US cents at 7:30am (AEST).
Meanwhile, Wall Street’s technology stocks continue to tumble.
Computer chip makers like Micron Technology (-9.9pc) were the biggest drag on the tech-heavy Nasdaq index, after its chief financial officer gave a downbeat update about its quarterly sales and pricing.
Twitter stocks plunged by a further 5.9 per cent overnight — on top of its 6 per cent drop yesterday.
Facebook’s share price lost 2.8 per cent, following on from its 2.3 per cent loss the previous day.
Top executives from both companies — Twitter chief executive Jack Dorsey and Facebook chief operating officer Sheryl Sandberg — were grilled by US members of Congress about their efforts to combat foreign meddling with US elections yesterday.
Furthermore, the US Justice Department will meet with state attorneys-general in late September to discuss whether social media platforms are deliberately curtailing free speech, and targeting conservative voices in particular.
Other big-name stocks like Amazon (-1.8pc) and Apple (-1.7pc) also fell sharply overnight.
The Nasdaq index fell by a hefty 0.9 per cent, while the benchmark S&P 500 lost 0.4 per cent.
The industrial-skewed Dow Jones index rose slightly, up 0.1 per cent to 25,996.
European markets also closed sharply lower — with London and Frankfurt down 0.9 and 0.7 per cent respectively — amid an emerging market sell-off, and potentially new US tariffs on Chinese imports, which could take effect today.
More to come.