NEW YORK (AP) — U.S. stocks and the price of gold fell on Wednesday, as momentum on Wall Street reverses.
The S&P 500 sank 0.5%, though it’s still within 1% of its all-time high set earlier this month. The Dow Jones Industrial Average dropped 334 points, or 0.7%, from its record set the day before, while the Nasdaq composite fell 0.9%.
Netflix helped drag the market lower after delivering a weaker profit for the latest quarter than analysts expected . The pressure is on the video streamer and on companies broadly to deliver solid growth in profits. That would counter criticism that their stock prices shot too high following a 35% romp for the S&P 500 from a low in April.
Netflix’s stock came into the day with a jump of 39.3% for the year so far, more than double the S&P 500’s ga