Wall Street Closes with Losses Amid a Flurry of Quarterly Reports

The three major US stock indexes closed lower on Tuesday as investors assessed a broad array of third-quarter corporate earnings reports.

The Dow Jones Industrial Average, composed of 30 large-cap companies, dropped 0.75% to close at 42,740.42 points. The S&P 500, which tracks 500 leading companies, fell 0.76% to 5,815.26 points. Meanwhile, the tech-heavy Nasdaq Composite declined 1.01% to 18,315.59 points.

Following record highs for the Dow Jones and S&P 500 and a near-record performance for the Nasdaq, markets reacted to a mix of quarterly results, with ASML’s downward adjustment of its earnings expectations standing out.

ASML, a key supplier of lithography equipment for the booming semiconductor industry, saw its stock plunge 15.6% after cutting its sales forecast and posting third-quarter results that missed analysts’ expectations.

Nvidia, another semiconductor giant, fell 4.69%, dragged down by ASML and concerns over potential new US restrictions on overseas chip sales. Other companies in the semiconductor sector, which is in high demand, also faced losses.

On the other hand, Apple shares gained 1.10% after the company released positive iPhone delivery numbers, distancing itself from Nvidia, which had recently come close to Apple’s market capitalization at its peak.

In the healthcare sector, UnitedHealth Group tumbled 8.36% after reporting weaker-than-expected figures and a rise in its medical care ratio. Meanwhile, Johnson & Johnson advanced 1.5%, driven by strong sales growth in its oncology drug portfolio.

Among sectors, real estate (+1.23%) and consumer discretionary (+0.64%) led the gains, while energy (-3.04%) and technology (-1.79%) posted the steepest losses. Boeing (+2.26%) led individual gains, while UnitedHealth stood out for its sharp decline.

ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.

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