22.10.202517:00:02UTC+00US Stocks Extend Pullback

US stocks continued to decline on Wednesday as investors navigated a complex earnings landscape and ongoing concerns about trade tensions between the United States and China, as well as the continuing government shutdown. The S&P 500 and the Dow Jones Industrial Average each fell over 0.5%. This was notable since the Dow had closed at a record high just the previous day. Meanwhile, the Nasdaq Composite slipped by 1.2%. Shares of Netflix plummeted by more than 10%, impacted by a tax dispute in Brazil. Tesla also lost over 2% in anticipation of its earnings report after the market close, amid reports indicating issues with sudden battery power loss in recently-manufactured vehicles. On the earnings front, Texas Instruments dropped 6.5% due to a disappointing future outlook, negatively impacting other semiconductor stocks like Intel, AMD, and Micron, all of which fell over 4%. Conversely, Thermo Fisher Scientific showed slight recovery after posting stronger-than-expected earnings and revenue results. Intuitive Surgical rose sharply, surging over 16% after delivering impressive earnings and revenue figures.