Stocks tumbled, with Nasdaq index futures losing about 1 per cent, as investors punished companies reporting weaker-than-expected earnings. 

Meta Inc. sank four per cent in U.S. pre-market trading after saying it's at the whim of an uncertain economic environment. Google's parent Alphabet Inc. lost 2.3 per cent, extending a selloff on Wednesday on disappointing cloud figures. Amazon.com Inc., which reports results after the bell, slid 1.5 per cent. 

The bearish mood carried over to other markets, with European and Asian equities also recording steep losses. The greenback strengthened and gold added 0.5 per cent. The yen slumped back past 150 per dollar again, fueling speculation about government intervention in the currency market. 

Traders are “opting to sell first in fear that sentiment will get worse before it gets better,” said Paul de La Baume, an investment advisor at BNP Paribas Suisse SA. 

Earnings missteps at big US tech companies are causing ructions in equity markets as investors rethink sky-high valuations against a backdrop of rising Treasury yields. While the Nasdaq 100 has been seemingly immune to pessimism, with the index still up 31 per cent this year, there's now growing concern about its vulnerability in a wider stock market selloff. 

On the economic front, U.S. initial jobless claims and GDP numbers are part of a flurry of data later Thursday. A policy decision is also due from the European Central Bank, which is expected to keep interest rates on hold for the first time in more than a year. 

Key events this week:

• European Central Bank interest rate decision; President Christine Lagarde holds news conference, Thursday
• U.S. wholesale inventories, GDP, U.S. durable goods, initial jobless claims, pending home sales, Thursday
• Intel, Amazon earnings, Thursday
• China industrial profits, Friday
• Japan Tokyo CPI, Friday
• U.S. PCE deflator, personal spending and income, University of Michigan consumer sentiment, Friday
• Exxon Mobil earnings, Friday

Some of the main moves in markets:

Stocks

• The Stoxx Europe 600 fell 0.9 per cent as of 10:07 a.m. London time
• S&P 500 futures fell 0.6 per cent
• Nasdaq 100 futures fell 0.9 per cent
• Futures on the Dow Jones Industrial Average fell 0.4 per cent
• The MSCI Asia Pacific Index fell 1.4 per cent
• The MSCI Emerging Markets Index fell 1.2 per cent

Currencies

• The Bloomberg Dollar Spot Index rose 0.2 per cent
• The euro fell 0.2 per cent to US$1.0543
• The Japanese yen fell 0.1 per cent to 150.40 per dollar
• The offshore yuan was little changed at 7.3292 per dollar
• The British pound fell 0.3 per cent to US$1.2080

Cryptocurrencies

• Bitcoin fell 0.3 per cent to US$34,578.1
• Ether rose 3.8 per cent to US$1,855.02

Bonds

• The yield on 10-year Treasuries was little changed at 4.95 per cent
• Germany's 10-year yield was little changed at 2.89 per cent
• Britain's 10-year yield was little changed at 4.61 per cent

Commodities

• Brent crude fell 0.6 per cent to US$89.62 a barrel
• Spot gold rose 0.6 per cent to US$1,991.56 an ounce