U.S. stocks close lower amid earnings misses

Alsharq Tribune-Otaify 

U.S. stocks finished lower on Wednesday as investors digested disappointing earnings reports.

The Dow Jones Industrial Average fell by 334.33 points, or 0.71 percent, to 46,590.41. The S&P 500 sank 35.95 points, or 0.53 percent, to 6,699.40. The Nasdaq Composite Index shed 213.27 points, or 0.93 percent, to 22,740.40.

Seven of the 11 primary S&P 500 sectors ended in red, with industrials and consumer discretionary leading the laggards by dropping 1.31 percent and 1.00 percent, respectively. Meanwhile, energy and consumer staples led the gainers by going up 1.32 percent and 0.64 percent, respectively.

In corporate news, Netflix tumbled 10 percent after missing profit expectations, while Intuitive Surgical jumped around 14 percent to top the S&P 500 after posting strong quarterly results and raising its outlook on robust demand for its da Vinci surgical systems.

"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," Thierry Wizman, global FX and rates strategist at Macquarie Group, said in a note.

Investors are now turning their attention to upcoming tech earnings, with Tesla set to report after the bell, marking the first of the "Magnificent Seven" companies to release results this season.