US stocks suffered last night as the steady stream of warnings on earnings combined with unsettling news of a stronger-than-expected labour market to knock broad equity indices to four-month lows. The Nasdaq Composite Index lost 111.06 points, or 3.2 per cent, to close at 3,361.04. Nearly all things technology sold off, just as they have for the entire week. The Philadelphia Stock Exchange's Semiconductor Index tumbled 4 per cent to a low unseen in more than eight months.

For the week, the Nasdaq composite lost 312 points, for a drop of 8.5 per cent.