NEW YORK: Wall Street stocks retreated in early trading on Tuesday as disappointing results from Netflix weighed on large technology shares.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 25,022.74.
The broad-based S&P 500 dipped 0.2 percent to 2,794.05, while the tech-rich Nasdaq Composite Index dropped 0.3 percent to 7,782.55.
Investors hammered Netflix after the streaming service said membership grew 5.2 million to 130 million, a million shy of what the company had forecast. Shares sank 11.6 percent.
Other technology companies also fell, including Apple, Facebook and Google’s parent, Alphabet.
Other companies reporting earnings had a mixed performance on Wall Street, with UnitedHealth Group slumping 3.4 percent and Johnson & Johnson winning 3.7 percent.
Goldman Sachs dropped 1.3 percent after reporting a 44 percent jump in second-quarter earnings to $2.3 billion and announcing that David Solomon would succeed Lloyd Blankfein as chief executive.
Markets are looking ahead to testimony later Tuesday from Federal Reserve Chairman Jerome Powell that is expected to offer an update on the outlook for future interest rate hikes and the risks of a trade war to the broader economic performance.
Source: Brecorder
