U.S. stocks tumbled Wednesday, failing to sustain a two-day rally to start a week of positive corporate earnings reports.
The Dow Jones Industrial Average fell 99.99 points, or 0.33%, to close at 30,423.81. The S&P 500 closed down 24.82 points, or 0.67%, to 3,695.16, and the Nasdaq Composite dropped 91.89 points, or 0.85%, to close at 10,680.51.
Three U.S. banks and other large companies beat analysts’ expectations with quarterly reports this week, helping ignite a rally. But concerns over inflation and a possible recession tempered expectations on Wednesday and yields for U.S. Treasury bonds closed higher.
Some of the stocks that declined included Google (GOOG), which closed at $100.29, down $1.10, or 1.08%. Amazon‘s (AMZN) price of shares fell $1.29, or 1.11%, to close at $115.07.
“I think the broader issue in this earnings season is really not just how companies are doing, but the macro issues with interest rates and Fed policy,” Jimmy Chang, chief investment officer at Rockefeller Global Family Office, told the Wall Street Journal.