U.S. stocks closed lower on Wednesday as disappointing tech earnings weighted down on the three major indices
The Dow Jones industrial average gave up 68.25 points to 17,851.04, with JPMorgan Chase leading advancers and Apple the greatest laggard.
The S&P 500 docked 5.06 points to 2,114.15, with information technology leading six decliners and financials the greatest advancer.
The NASDAQ index dropped 36.35 points to 5,171.77.
Apple closed about 4.3% lower, after plunging more than 6% in the open. Shares tumbled almost 7% to below its 200-day moving average in after-hours trade on Tuesday. The firm's fourth-quarter revenue forecast fell short of forecasts and it missed some targets for iPhone sales.
Shares of Apple also exceeded their 30-day average trade volume of 43.77 million during morning trade.
Microsoft settled 3.7% lower. The stock fell more than 3% in late trading Tuesday after posting a $3.2-billion U.S. net loss for its fiscal fourth quarter ending June 30 following restructuring charges.
Corporate reports before the open Wednesday were slightly more encouraging.
Boeing briefly gained more than 2.5% before paring gains. The firm reported earnings that beat on both the top and bottom lines. The aircraft maker did reduce its full-year EPS guidance by 50 cents U.S. on both the high and low end, but that reduction was less than the 77-cent charge announced last week for a redesign of its tanker program.
Coca-Cola beat estimates by three cents with adjusted quarterly profit of 63 cents U.S. per share, with revenue also above Street estimates. Worldwide case volume was up 2%, more than analysts had been expecting.
American Express and Qualcomm are among the names reporting after the close.
In economic news, U.S. home prices rose 0.4% in May from April, up from 5.7% a year ago, FHFA said.
Existing home sales rose 3.2% from the previous month in June.
Prices for 10-year U.S. Treasuries gained some ground, lowering yields to 2.33% from Tuesday's 2.34%. Treasury prices and yields move in opposite directions.
Oil prices plummeted $1.75 a barrel to $49.11 U.S.
Gold prices fell $10.50 to $1,093 U.S. an ounce.