Oct. 27 (UPI) — The Dow Jones Industrial Average posted losses for the first time in four days as strong earnings reports failed to prop the market up Wednesday.
The blue-chip index dropped 266.19 points, or 0.74%, and the S&P 500 fell 0.51% as both indexes fell from record highs. The Nasdaq Composite closed the day mostly flat, rising 0.00081%.
Ford reported earnings of $3 billion after the bell on Wednesday, adding third-quarter revenue of $36 billion, both exceeding analysts’ expectations. The motor company, however, raised its guidance for full-year earnings for 2021 to $10.5 billion-$11.5 billion from its previous estimate of $9 billion-$10 billion.
Shares of the company fell 2.76% prior to the report but gained 4.38% in after-hours trading following the news.
Shares of Google’s parent company, Alphabet, gained 4.96%, and Microsoft rose 4.21%, after both major tech companies posted better-than-expected gains on Tuesday.
Visa stock fell 6.9% after issuing a revenue outlook that was considered conservative by some analysts while under investigation from the Justice Department over its relationship with financial-technology firms.
General Motors stock fell 5.44% after it exceeded Wall Street’s third-quarter earnings and revenue expectations and Boeing dropped 1.53% after posting greater-than-expected losses.
Shares of Twitter plummetted 10.78% despite posting earnings in line with expectations while also facing concerns that it could see negative impacts from Apple’s iOS privacy update that allows users to request that apps not track their data in order to serve them advertisements.
Chipmaker Advanced Micro Devices also fell 0.53% after posting better-than-expected earnings and boosting its full-year forecast as CEO Lisa Su said she believed supply-side issues that have made it difficult for the company to meet demand for PC and video game console chips are likely to subside some next year.