U.S. stocks are down Wednesday on disappointing earnings from the tech sector.
The S&P 500 Index fell 15.11 points, or 1.23 percent, to trade at 1,210.27 at 3:01 p.m. ET. The Dow Jones Industrial Average dropped 77.46 points, or 0.67 percent, to trade at 11,499.59. The tech-heavy Nasdaq Composite declined 1.82 percent.
Late Tuesday, Apple (NASDAQ:AAPL) reported weak earnings that missed analyst expectations for the first time since 2004.
Its shares are down 5.13 percent. Apple’s downbeat results, coupled with IBM's (NYSE:IBM) disappointing report on Monday, cast a negative light on the entire sector.
Amazon.com (NASDAQ:AMZN), for example, plunged 5.43 percent.
Below is a chart of the Nasdaq 100 (from thinkorswim), showing the poor performance of the entire tech-heavy index.
Back on Tuesday, U.S. stocks rose on upbeat earnings from financials and a Guardian report that Germany and France were pushing to expand the Eurozone bailout fund to two trillion euros.
On Wednesday, Wall Street earnings continued to impress. Morgan Stanley (NYSE:MS), for example, topped estimates, and its shares are up 0.30 percent.