Last Update: April 21, 2023, 04:38 IST
The tech-heavy Nasdaq Composite Index fell 0.8 percent to 12,059.56. (Representational image)
The Dow Jones Industrial Average closed 0.3 percent lower at 33,786.62, while the broad-based S&P 500 shed 0.6 percent at 4,129.79.
Wall Street stocks fell on Thursday after lackluster corporate results from electric vehicle maker Tesla and several regional banks.
The Dow Jones Industrial Average closed down 0.3 percent at 33,786.62, while the broad-based S&P 500 shed 0.6 percent at 4,129.79.
The tech-heavy Nasdaq Composite Index fell 0.8 percent to 12,059.56.
“Earnings alone are pulling the stock down as Tesla tackles its margin problem,” Edward Moya of OANDA said in a note.
Tesla shares tumbled 9.8 percent as it reported a decline in quarterly earnings while indicating it could face profit pressure from more price cuts on its vehicles.
Moya said the figures also show that the US economy is weakening.
Meanwhile, shares of regional banks including KeyCorp, Zions Bancorporation and Comerica declined following earnings reports that signaled the effects of an industry panic following the rapid collapse of a Silicon Valley bank.
And with the heaviest earnings period coming, Patrick O’Hare of Briefing.com said: “The market is on a slight edge.”
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
