The ASX200 has been trading down nearly 1.2% to 7,870 points. Overnight, earnings reports from US mega cap tech stocks lead the Nasdaq & S&P500 to their worst session in two years. Following suit, the Australian IT sector is down more than 2.5%, followed by Real Estate 1.8%. All sectors have sunk into the red during early trade. Company NewsFortescue (ASX:FMG) has dropped 5.5% after releasing its June Quarter results. The company delivered record iron ore shipments of 53.7 million tonnes, a 10% increase year over year. Despite this achievement, iron ore prices have been lower. Fortescue has be…