Dow closes down 300 points on trade fears, latest earnings
U.S. equities fell on Wednesday as new developments out of Washington exacerbated concerns among investors about U.S.-China trade relations. Disappointing corporate earnings from companies including Texas Instruments and Netflix also weighed on the major averages.
The Dow Jones Industrial Average closed lower by 334.33 points, or 0.71%, at 46,590.41. The S&P 500 fell 0.53% to finish at 6,699.40, while the Nasdaq Composite shed 0.93% to settle at 22,740.40. At session lows, the Dow was down more than 400 points, or about 1%, while the S&P 500 and the Nasdaq decreased 1.2% and 1.9%, respectively.
Stocks remained under pressure after Treasury Secretary Scott Bessent confirmed that the White House is weighing curbs on exports to China made with U.S. software. Reuters had first reported the move Wednesday.
The developments come after President Donald Trump almost two weeks ago said that the U.S. would implement export restrictions by Nov. 1 on “any and all critical software.”
Earlier in the day, equities had already taken a leg lower, hurt by Texas Instruments dropping 5.6% after the semiconductor company’s latest earnings came in weaker than expected. The company’s fourth-quarter earnings forecast was soft as well.
Source : Cnbc.com
