Wall Street tumbles 1% at the open

US stock indices opened the third session of the week sharply lower after earlier housing data from the US, while investors collect profits after Wall Street marked the best daily profits in seven months yesterday. 

Earlier US data showed housing starts fell 5.3% in September to an annualized 1.201 million units, compared to a 7.1% surge in August, and edging estimates of a 5.6% drop. 

Building permits fell 0.6% last month to 1.241 million units, compared to a 4.1% decline in August, and missing estimates of a 2% increase. 

Federal Reserve Governor Lael Brainard will deliver a speech titled "Fintech and Financial Inclusion" at the Federal Reserve Bank of Boston's Fintech conference later today, while the Fed is slated to release its minutes for the September 25-26 meeting. 

US President Donald Trump accused the Federal Reserve of causing a sharp correction in markets with its interest rate policy, considering it too strict and a "mistake". 

Stock Performance 

As of 02:49 GMT, Standard and Poor's 500 fell 0.83%, or 23.36 points to 2,786.56, while Dow Jones shed 1.05%, or 270.40 points to 25,528.02. 

Tech-heavy NASDAQ slumped 0.88%, or 67.38 points to 7,577.11.