US Stocks Brace for Pain on Fresh Earnings Blows: Markets Wrap
- The S&P 500 closed lower and the Nasdaq 100 fell more than 2%
- Treasuries gained; the 10-year yield briefly dropped below 4%
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Wall Street saw a session of twists and turns on Wednesday, with stocks snapping a three-day rally as earnings from megacap firms highlighted the toll the Federal Reserve, and consequently the surging dollar, had on the economy.
The S&P 500 closed lower and the Nasdaq 100 fell more than 2%. Meta Platforms Inc. dropped 12% postmarket on a softer-than-expected revenue view and Ford Motor Co. also fell after it warned of a profit shortfall due to inflation. Snap Inc. and Pinterest Inc. also dipped in extended trading.