After Federal Reserve Chairman Powell stated that there is no need to rush into rate cuts, the market lowered expectations for further cuts in December. The three major U.S. stock indices continued to decline on Friday, with the Dow Jones down 261 points or 0.6%, and the Nasdaq falling more than 1%.

The s&p 500 index opened down 36 points or 0.6%, at 5,912 points; the Dow Jones opened down 162 points or 0.4%, at 43,587 points; the Nasdaq opened down 177 points or 0.9%, at 18,929 points.

Technology stocks generally weakened, with apple (AAPL.US) dropping more than 1%, microsoft (MSFT.US), nvidia (NVDA.US), and amazon (AMZN.US) falling more than 2%. Tesla (TSLA.US), which plummeted on Thursday, rebounded over 2% in early trading.

Alibaba (BABA.US)(09988.HK) reported quarterly earnings in line with expectations, with the latest U.S. ADR falling more than 1%.