The S&P 500 fell from a record high on Wednesday as the momentum from a strong earnings season started to fade. 

 

The Dow Jones Industrial Average dipped 266.19 points to 35,490.69, falling for the first time in four days, dragged down by Visa. The S&P 500 traded down 0.5% to 4,551.68, for its first down day in three. The tech-heavy Nasdaq Composite closed at 15,235.84, flat despite a jump in Microsoft and Alphabet shares. 

 

Microsoft shares jumped 4.2% after the tech company reported earnings that exceeded analysts’ estimates and the fastest revenue growth since 2018.

 

Google-parent Alphabet also popped 4.9% following a stronger-than-expected quarterly report. 

 

Visa’s stock slipped 6.9% after the company issued a revenue outlook that some analysts considered conservative. Plus, the Justice Department is investigating Visa’s relationship with financial-technology firms, sources familiar with the matter told Dow Jones. 

 

General Motors shares fell 5.4% even after the industrial giant topped Wall Street’s earnings and revenue estimates for the third quarter. Boeing saw its stock fall 1.5% after the aircraft maker posted a wider-than-expected loss. 

 

Robinhood shares were getting slammed, down 10.4% the day after the trading app reported revenue well below expectations primarily due to weakness in crypto trading. Twitter shares also fell 10.7% on concerns about expense guidance, despite strong earnings.

 

Deutsche Bank reported a fall in revenues at its investment banking unit Wednesday, but still managed to beat expectations and post its fifth consecutive quarter of profit. Shares of Germany’s biggest bank fell 6.9%. 

 

Source: CNBC, Investing.com