* Trump mulls curbs on US software-enabled exports to China * Netflix falls after earnings fog * Texas Instruments slips to gloomy Q4 forecast * Tesla results expected soon By Stephen Culp NEW YORK, – Wall Street closed lower on Wednesday as a wave of mixed earnings, including Netflix’s disappointing results, dampened risk sentiment as the Trump administration released export reports let have harmed with the American investors software. All three major U.S. stock indexes extended their losses after the report, with weakness in technology and communications services stocks weighing the most on the Nasdaq. The new export limits, which will cover a wide range of goods ranging from laptops to jet engines, are among the measures being considered as retaliation against Beijing’s latest round of rare earth export restrictions, and mark another escalation of trade tensions between the world’s two largest economies. US President Donald Trump said on Tuesday he thought he would have a “very successful meeting” with Chinese President Xi Jinping, but also said the meeting in South Korea later this month would not happen. The Washington-Beijing trade dispute “is ongoing and likely to continue until the potential meeting with Trump and Xi,” said Tom Hainlin, national investment strategist at US Bank Wealth Management in Minneapolis. “Add to that some tech companies reporting disappointing numbers.” “But it was a pretty good earnings season, and not that far off from all-time,” Hainlin added. “We wouldn’t tell investors to change their allocations based on a day like today.” On that front, Netflix fell after the streaming company missed quarterly profit expectations, raising concerns about stretched valuation. Texas Instruments posted lower-than-expected revenue and profit forecasts, dragging down the chipmaker’s stock. The Philadelphia Semiconductor Index, which has outperformed the broader market this year, buoyed by artificial intelligence fervor, tumbled after hitting a record high on Monday. Tesla will be the first of the “Magnificent Seven” group of artificial intelligence-related momentum stocks to post third-quarter earnings when it reports after the closing bell. Collectively, the group accounts for more than a third of the S&P 500’s total market capitalization. Intuitive Surgical jumped after the company’s third-quarter earnings. AT&T fell even as it added more wireless subscribers than expected for the third quarter. The third quarter earnings season is well underway, with 86% of companies reporting beating Wall Street estimates. Analysts currently expect third-quarter S&P 500 earnings growth, in aggregate, of 9.3% on a year-over-year basis, an improvement over the 8.8% annual growth estimate from Oct. 1, according to the most recent data from LSEG. “You earn high valuations by meeting those expectations, and generally companies have met or exceeded those expectations so far,” Hainlin said. “And those who don’t are not rewarded with patience by investors.” According to preliminary data, the S&P 500 lost 35.89 points, or 0.53%, to end at 6,699.47 points, while the Nasdaq Composite lost 213.27 points, or 0.93%, to 22,740.40. The Dow Jones Industrial Average fell 336.48 points, or 0.72%, to 46,588.26. Beyond Meat’s heavily shorted shares jumped on a wave of buying among retailers that mirrored the meme-stock frenzy of recent years. This article was generated from an automated news agency feed with no text modifications.
Wall Street ends lower on mixed earnings, rekindled trade tensions between the US and China
