Market Wrap: U.S. Stocks Decline Amid Trade Tensions and Earnings Disappointments
U.S. equities faced broad declines on October 22 as investors grappled with escalating trade tensions between Washington and Beijing, coupled with lackluster corporate earnings. The Dow Jones Industrial Average dropped 335 points (0.71%), while the S&P 500 and Nasdaq Composite fell 0.53% and 1% respectively. Semiconductor stocks led the tech sector lower after Texas Instruments posted disappointing results, with Netflix shares plunging 10% following an earnings miss.
Market sentiment deteriorated further on reports of potential U.S. restrictions on software exports to China—a move that could Ripple across multiple industries from consumer electronics to aerospace. The Nasdaq briefly approached 2% losses during the session, reflecting heightened risk aversion among growth investors.
