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Stocks fell on Wednesday as the latest batch of corporate earnings from names like Texas Instruments and Netflix weighed on the major averages.
The Dow Jones Industrials caved 167.29 points to 46,757.45.
The S&P 500 slid 28.5 points to 6,706.85.
The tech-heavy NASDAQ declined 198.78 points to 22,754.89.
Shares of Texas Instruments were under pressure Wednesday, dropping 5%, after its latest earnings results similarly came in weaker than expected. The semiconductor company’s fourth-quarter earnings forecast was disappointing as well.
Those results plagued the broader semiconductor sector more broadly. Key names such as On Semiconductor and Advanced Micro Devices each declined 3%, and Micron Technology moved more than 2% lower.
Netflix shares also weighed on the market. The stock slumped 9% after the streamer posted an earnings miss and cited a dispute with Brazilian tax authorities as a reason for the shortcoming.
On the flip side, Intuitive Surgical was a winner during Wednesday’s session, with shares rallying 14% on the back of its strong earnings and revenue results.
The markets lagged after President Donald Trump commented about his expected meeting next week with Chinese President Xi Jinping. He noted that “maybe it won’t happen.”
Still, investors are hopeful that the flurry of upcoming earnings reports could be the next catalyst that U.S. equities need to keep rallying. Tesla’s earnings expected Wednesday after the bell will kick off highly-awaited reports from the “Magnificent Seven” megacap tech group. More than three-quarters of the S&P 500 companies that have posted results so far have beaten expectations.
Prices for the 10-year Treasury fell slightly, raising yields to 3.97% from Tuesday’s 3.96%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.58 to $58.82 U.S. a barrel.
Gold prices skidded $48,60 to $4,060.50 U.S. an ounce.
