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U.S. Stocks End Wednesday in Negative Territory
(MENAFN) U.S. equities closed lower on Wednesday as investors grappled with a wave of underwhelming corporate earnings.
The Dow Jones Industrial Average dropped 334.33 points, or 0.71%, settling at 46,590.41. The S&P 500 declined 35.95 points, or 0.53%, ending at 6,699.40. The Nasdaq Composite fell 213.27 points, or 0.93%, closing at 22,740.40.
Among the S&P 500’s 11 major sectors, seven finished in the red. Industrials and consumer discretionary led losses, sliding 1.31% and 1.00% respectively. Conversely, energy and consumer staples were bright spots, gaining 1.32% and 0.64%.
In company-specific moves, Netflix plummeted 10% after missing profit forecasts, while Intuitive Surgical surged roughly 14%, topping the S&P 500 after delivering strong quarterly results and raising its outlook, fueled by strong demand for its da Vinci surgical robots.
“Perhaps amid reports that U.S. corporate earnings outcomes for Q3 have been much better than expected, there may remain some worries about guidance from management as the U.S. corporate earnings season expands to encompass more stocks and more sectors,” said Thierry Wizman, global FX and rates strategist at Macquarie Group, in a note.
Attention now shifts to the tech sector, with Tesla scheduled to report earnings after the closing bell. The electric vehicle maker is the first of the "Magnificent Seven" tech giants to release quarterly results this season.
The Dow Jones Industrial Average dropped 334.33 points, or 0.71%, settling at 46,590.41. The S&P 500 declined 35.95 points, or 0.53%, ending at 6,699.40. The Nasdaq Composite fell 213.27 points, or 0.93%, closing at 22,740.40.
Among the S&P 500’s 11 major sectors, seven finished in the red. Industrials and consumer discretionary led losses, sliding 1.31% and 1.00% respectively. Conversely, energy and consumer staples were bright spots, gaining 1.32% and 0.64%.
In company-specific moves, Netflix plummeted 10% after missing profit forecasts, while Intuitive Surgical surged roughly 14%, topping the S&P 500 after delivering strong quarterly results and raising its outlook, fueled by strong demand for its da Vinci surgical robots.
“Perhaps amid reports that U.S. corporate earnings outcomes for Q3 have been much better than expected, there may remain some worries about guidance from management as the U.S. corporate earnings season expands to encompass more stocks and more sectors,” said Thierry Wizman, global FX and rates strategist at Macquarie Group, in a note.
Attention now shifts to the tech sector, with Tesla scheduled to report earnings after the closing bell. The electric vehicle maker is the first of the "Magnificent Seven" tech giants to release quarterly results this season.
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