U.S. stocks fell sharply on Wednesday amid weak earnings from Boeing and AMD, along with concern about heightened speculative trading activity, CNBC reports.
The Dow Jones Industrial Average lost 477 points, or 1.5 percent, while the S&P 500 dropped by 1.6 percent. The tech-heavy Nasdaq Composite slid by 1.4 percent. The S&P 500 and the Nasdaq Composite both hit intraday record highs in the previous session.
Boeing fell by more than 5 percent after its earnings report showed 2020 net loss hit a record of US$11.9 billion amid the 737 Max grounding and the coronavirus pandemic.
Shares of AMD tumbled by more than 7 percent even after the chipmaker posted revenue and earnings that beat Wall Street’s already high expectations.