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Stocks Slip As Weak Tech Earnings Weigh On Markets

Photo by Maxim Hopman / Unsplash

The U.S. stocks retreated Wednesday as disappointing corporate earnings and cautious investor sentiment weighed on markets. The Dow Jones Industrial Average slipped 0.3%, the S&P 500 fell 0.4%, and the Nasdaq Composite dropped 0.9%.

Weak results from Texas Instruments and Netflix dragged the broader indexes lower. Texas Instruments’ 4% decline followed a lackluster forecast, sparking a selloff in chipmakers including AMD, Micron, and On Semiconductor.

Netflix shares tumbled 9% after missing earnings estimates and citing a dispute with Brazilian tax authorities.

Analysts said traders appeared reluctant to push stocks higher despite stronger-than-expected Q3 earnings overall. Intuitive Surgical was a bright spot, surging 15% on solid results.

The Dow had briefly hit a record above 47,000 Tuesday following upbeat reports from Coca-Cola and 3M. Investors now await Tesla’s results, Friday’s consumer price index, and potential interest rate cuts expected from the Federal Reserve amid an ongoing government shutdown.

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