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Here are five things you must know for Thursday, Oct. 11:

1. -- U.S. Selloff Continues, Global Shares Sink

U.S. stock futures were down sharply on Thursday, Oct. 11, and global stocks fell dramatically after the Dow Jones Industrial Average plummeted 831 points on Wednesday, Oct. 10, the S&P 500 dived 3.3% and the Nasdaq sank 4.1% in its worst day of the year after tech stocks went into a tailspin.

Both the Dow and S&P 500 on Wednesday logged their largest losses on a percentage basis since Feb. 8. For the month, the Nasdaq has fallen 7.8%.

Contracts tied to the Dow Jones Industrial Average fell 224 points on Thursday, futures for the S&P 500 fell 22 points, and Nasdaq futures were down 54.75 points.

Investors rotated out of tech and growth stocks and into utilities on Wednesday as government bond yields continued their march higher. Tech stocks, such as Netflix Inc. (NFLX) - Get Netflix, Inc. Report , down 8.4%, Inc. (AMZN) - Get, Inc. Report , down 6.2%, and Alphabet Inc. (GOOGL) - Get Alphabet Inc. Class A Report , down 4.6%, were some of the leading decliners on Wednesday.

"I don't like what's happening," said Jim Cramer, founder of TheStreet, on Wednesday. "I could tell you that the velocity of the decline of the Nasdaq is extraordinary. The speed of the decline in the Nasdaq is usually not sustainable."

The yield for the 10-year Treasury note rose on Wednesday to as high as 3.23%. Early Thursday, the 10-year was yielding 3.172%. At the end of 2017, the 10-year note was yielding 2.4%.

Bond yields have been rising as recent strong U.S. economic data have investors anticipating the Federal Reserve will raise interest rates at a pace faster than expected.

Donald Trump suggested the Fed was to blame for the stock market selloff. The central bank has raised interest rates three times so far in 2018. 

"I think the Fed is making a mistake. They're so tight. I think the Fed has gone crazy," Trump said Wednesday.

"Actually, it's a correction that we've been waiting for, for a long time," Trump said. "But I really disagree with what the Fed is doing, OK?"

2. -- Consumer Price Index, Walgreens Earnings Are Thursday Highlights

The economic calendar in the U.S. on Thursday includes the Consumer Price Index for September at 8:30 a.m. ET. Economists expect CPI to rise 0.2% in September, unchanged from August. The core rate, which excludes food and energy, is expected to rise 0.2% vs. August's increase of 0.1%.

The calendar also includes weekly Jobless Claims at 8:30 a.m.

Walgreens Boots Alliance Inc. (WBA) - Get Walgreens Boots Alliance Inc Report  posted fiscal fourth-quarter earnings of $1.48 a share, beating estimates by 3 cents.

Delta Air Lines Inc. (DAL) - Get Delta Air Lines, Inc. Report  reported fiscal third-quarter adjusted profit of $1.80 a share vs. forecasts of $1.74.

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3. -- Apple to Buy Part of Supplier Dialog Semiconductor

Apple Inc. (AAPL) - Get Apple Inc. Report agreed to buy part of its supplier Dialog Semiconductor PLC (DLGNF) in a $600 million deal.

The transaction comes almost a year after Dialog lost a significant amount of its market capitalization on reports that Apple, which accounts for more than 70% of its revenue, could begin designing its own power-management chips.

Under the agreement, Apple will license certain of Dialog's power management technologies. Dialog also will transfer some of its assets and more than 300 employees to Apple.

Cupertino, Calif.-based Apple will pay $300 million in cash for the transaction and prepay $300 million for Dialog products to be delivered over the next three years.

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4. -- Elon Musk Denies Report James Murdoch Will Be Next Tesla Chairman

Elon Musk denied a Financial Times report that said James Murdoch was the favorite to be the next chairman of Tesla Inc. (TSLA) - Get Tesla Inc Report .

Two people briefed on the discussions told the Financial Times that Murdoch, the CEO of Twenty-First Century Fox Inc. (FOXA) - Get Fox Corporation Class A Report and a non-executive director of Tesla, was the lead candidate for the chairman role, which is required by the Securities and Exchange Commission to be independent chairman. Another person told the Financial Times that external options were still being considered.

Musk initially refused to comment. But several hours after the report was published Musk tweeted, "This is incorrect."

Musk is known to favor Antonio Gracias, Tesla's lead independent director, but has been advised that Gracias may not be sufficiently independent because of his involvement with Musk's other companies, according to the Financial Times.

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5. -- Square Takes a Sharp Hit After Financial Chief Steps Down

Square Inc.  (SQ) - Get Square, Inc. Class A Report was down 9.3% in premarket trading on Thursday, after plummeting 10.1% during the previous session following news that Chief Financial Officer Sarah Friar would be leaving the payments company.

Friar will become CEO of San Francisco-based social networking service NextDoor. 

Even with Square's decline on Wednesday, the stock's year-to-date return was 114%.

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