NEW YORK (AP) -- U.S. markets fell in morning trading Friday following a warning by high-tech bellwether Intel Corp. that its third-quarter revenues will not meet Wall Street's expectations.
The tech-heavy Nasdaq composite index fell 108 points to 3,720 at late morning, after being down more than 200 points earlier. The Dow Jones industrial average -- which has Intel as one of its 30 components -- was off 104 points to 10,661, while the S&P 500 dropped 18 points to 1,431.
Intel led the way, trading down $12.98, or 21 percent, to $48.50.
The selloff in the United States mimicked actions overseas as investors sold off high-tech stocks.
Selling snowballed in Asia as investors reacted to Intel's forecasts of weaker demand in Europe for high-tech products, as well as higher oil prices. Semiconductor shares were hardest hit.
In Tokyo, Asia's largest market, high-tech shares such as Fujitsu and Kyocera led the decline in the benchmark 225-issue Nikkei Stock Average. It shed 492.80 points, or 3.02 percent to end the week at 15,818.25.
Losses in Seoul were led by blue chip electronics companies, with Samsung Electronics falling 11.1 percent and Hyundai Electronics 6.3 percent.
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