United States benchmarks fell on Wednesday (Thursday AEDT) as renewed trade tensions with China and mixed quarterly earnings weighed on sentiment.
The Dow Jones Industrial Average dropped 334.3 points, or 0.7%, to 46,590.4. The S&P 500 lost 35.9 points, or 0.5%, to 6,699.4, while the Nasdaq Composite slid 213.3 points, or 0.9%, to close at 22,740.4.
Selling accelerated after Reuters reported that the White House is considering new restrictions on exports to China involving U.S.-developed software.
The announcement followed President Donald Trump’s recent warning that the U.S. would impose sweeping software export limits by 1 November on “any and all critical software” used in sensitive sectors.
Technology stocks bore the brunt of the declines. Texas Instruments tumbled 5.6% after posting weaker-than-expected quarterly results and issuing a subdued fourth-quarter outlook.
The disappointing report dragged the broader semiconductor sector lower, with Advanced Micro Devices shedding 3.3%, while Micron Technology and the VanEck Semiconductor ETF (SMH) fell 1.9% apiece.
Netflix shares also weighed on the market, plunging 10.1% after missing profit estimates. The streaming giant cited an ongoing dispute with Brazilian tax authorities as a key factor behind its shortfall.
One bright spot was Intuitive Surgical, which rallied 13.9% following stronger-than-forecast earnings and revenue.
The Dow’s decline followed a record-setting session on Tuesday, when it briefly topped 47,000, driven by robust results from Coca-Cola and 3M.
On the bond markets, Treasury yields eased, with the 10-year note falling 0.2% to 3.953% and the 2-year yield down 0.3% to 3.447%.
