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Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results.
The Dow Jones Industrial Average plummeted 129.9 points to 27,089.95,
The S&P 500 shed 8.98 points to 2,975.44
The NASDAQ Composite fell 45.94 points to 8,139.27
Netflix shares plunged more than 11% after the streaming giant reported a surprise loss in U.S. subscribers coupled with slower-than-expected international membership growth. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter.
IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT division offset growth in its cloud business.
Morgan Stanley posted better-than-expected quarterly results, driven by its wealth management and fund divisions. The stock rose 0.5%.
So far, more than 12% of S&P 500 companies have reported quarterly results this earnings season. Of those companies, nearly 84% have reported better-than-expected earnings
Prices for the benchmark 10-year U.S. Treasury moved lower, raising yields to 2.07% from Wednesday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.78 at $55.00 U.S. a barrel.
Gold prices regained $6.50 to $1,429.80 U.S. an ounce.
