Investing.com – Stocks were lower on Wednesday morning as investors digested lackluster third quarter financial results from some companies.
The S&P 500 fell 16 points or 0.63% as of 11:12 AM ET (4:12 PM GMT) while the Dow composite slumped 94 points or 0.40% . Tech heavy NASDAQ Composite was down 52 points or 0.80%.
Wireless provider AT&T (NYSE:T) fell 4.10% after its third quarter results came in less than expected while airplane maker Boeing (NYSE:BA) was down 1.72% despite its financial results beating expectations. Payment processing firm Visa Inc (NYSE:V) was up 1.72% after its profits in the third quarter were higher than forecast.
Meanwhile restaurant chain Chipotle Mexican Grill Inc (NYSE:CMG) slumped 14.36% after missing earnings expectations and semiconductor Advanced Micro Devices Inc (NASDAQ:AMD) decreased amid investor concern about its future profits. Luxury car maker Tesla (NASDAQ:TSLA) slipped 3.00% and consumer robot firm iRobot Corporation (NASDAQ:IRBT) was down 7.76% despite beating analyst expectations in its third quarter financial results on Tuesday.
In Europe, stocks were down despite upbeat economic data from Germany and the UK. In Germany the DAX was down 14 points or 0.11% after Germany's IFO Business Climate rose in October to 116.7, from 115.3 in September. France’s CAC 40 fell one point or 0.02% and in London the FTSE 100 slumped 45 points or 0.60% while the pan-European Euro Stoxx decreased eight points or 0.23%. Spain’s IBEX 35 was down 18 points or 0.18%.
In commodities, gold futures fell 0.14% to $1,276.48 a troy ounce while crude oil futures were down 0.69% to $52.11 a barrel after oil after U.S. data showed that domestic crude oil stockpiles increased for the first time in five weeks. The U.S dollar index, which measures the greenback against a basket of six major currencies, decreased 0.33% to 93.52.