Last Updated: April 21, 2023, 04:38 IST
The tech-heavy Nasdaq Composite Index plunged 0.8 p.c to 12,059.56. (Representative picture)
The Dow Jones Industrial Average closed 0.3 p.c decrease at 33,786.62, whereas the broad-based S&P 500 dropped 0.6 p.c to 4,129.79
Wall Street shares ended decrease on Thursday following lackluster company outcomes from electrical automobile maker Tesla and several other regional banks.
The Dow Jones Industrial Average closed 0.3 p.c decrease at 33,786.62, whereas the broad-based S&P 500 dropped 0.6 p.c to 4,129.79.
The tech-heavy Nasdaq Composite Index plunged 0.8 p.c to 12,059.56.
“Earnings alone are dragging shares down as Tesla offers with its margin downside,” said Edward Moya of OANDA in a note.
Shares of Tesla slumped 9.8 percent as it reported a fall in quarterly earnings while hinting that it could face further profit pressures from more price cuts on its vehicles.
Moya added that data also shows that the US economy is weakening.
Meanwhile, shares of regional banks including KeyCorp, Zions Bancorporation and Comerica slumped after earnings reports signaling the impact of an industry panic after the swift collapse of Silicon Valley Bank.
And with with the heaviest earnings period coming up, Patrick O’Hare of Briefing.com said: “The market is a little bit on edge.”
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(This story has not been edited by News18 employees and is revealed from a syndicated information company feed)
