NEW YORK (AP) — U.S. stocks and the price of gold fell on Wednesday, as momentum on Wall Street reverses.
The S&P 500 sank 0.5%, though it’s still within 1% of its all-time high set earlier this month. The Dow Jones Industrial Average dropped 334 points, or 0.7%, from its record set the day before, while the Nasdaq composite fell 0.9%.
Netflix helped drag the market lower after delivering a weaker profit for the latest quarter than analysts expected. The pressure is on the video streamer and on companies broadly to deliver solid growth in profits. That would counter criticism that their stock prices shot too high following a 35% romp for the S&P 500 from a low in April.
Netflix’s stock came into the day with a jump of 39.3% for the year so far, more than double the S&P 500’s gain, before it dropped 10.1% on Wednesday.
AT&T fell 1.9% after delivering a profit that only matched analysts’ expectations, while Texas Instruments sank 5.6% after its profit fell just short of forecasts.