The Dow Jones Industrials swooned 332.57 points, or 1%, to close the day at 33,665.08.
The S&P 500 capsized 58.6 points, or 1.3%, to 4,314.60.
The NASDAQ index plummeted 219.45 points, or 1.6%, to 13,314.30.
J.B. Hunt lost more than 6% in the session on the back of worse-than-expected earnings, while United Airlines fell more than 9% after delivering soft guidance. Morgan Stanley dropped more than 6% and was on pace for its worst day since 2020 as a weak performance from the bank’s wealth management division overshadowed beats on both lines.
On the other hand, Procter & Gamble rose 2.5% after beating analyst expectations for the quarter. Investors are now looking to Netflix and Tesla earnings expected after the bell on Wednesday.
Just over 10% of companies in the S&P 500 have reported results. Of those already out with results, about 78% have surpassed analyst expectations.
Prices for the 10-year Treasury sagged, raising yields to 4.91% from Tuesday’s 4.84%. Treasury prices and yields move in opposite directions.
Oil prices recovered $1.56 to $88.22 U.S. a barrel.
Gold prices leaped $28.50 to $1,964.20.