The Dow Jones Industrials plummeted 207.68 points at 33,949.01.
The S&P 500 fell 46.14 points, or 1.1%, to 4,117.86.
The NASDAQ Composite cratered 203.27 points, or 1.7%, to 11,910.52.
Chipotle slid roughly 5% after missing expectations on the top and bottom lines in its latest results. Lumen Technologies tumbled nearly 21% after it reported a fourth-quarter loss of $3.1 billion and gave guidance for the year that was under Wall Street expectations.
Meanwhile, CVS jumped 3%, and Uber gained more than 5% on the back of earnings that came in above Wall Street estimates.
For the first quarter of 2023, 42 companies in the S&P 500 have issued negative earnings guidance. Meanwhile, eight have issued positive guidance, while many others have not changed their guidance or issued any to begin with. That’s a higher share of companies with negative expectations than the historical average.
Around 69% of the 297 S&P 500 companies that have reported fourth-quarter earnings so far beat analysts’ estimates, Refinitiv said, though many analysts lowered their expectations for the quarter amid rising concerns about the health of the economy. Just over 27% missed analyst consensus estimates for the quarter.
Prices for the 10-year Treasury were higher, lowering yields to 3.67% from Tuesday’s 3.69%. Treasury prices and yields move in opposite directions.
Oil prices advanced $1.26 to $78.40 U.S. a barrel.
Gold prices were higher $3.30 to $1,888.10 U.S. an ounce.