Dow drops 200 points on more trade fears, new earnings batch

Stocks fell on Wednesday as new trade developments between the U.S. and China exacerbated concerns among investors. The latest batch of corporate earnings from names like Texas Instruments and Netflix also weighed on the major averages.

The Dow Jones Industrial Average traded 211 points lower, or 0.5%. The S&P 500 fell 0.6%, while the Nasdaq Composite shed 1.2%.

Shares of Texas Instruments were under pressure Wednesday, dropping 6%, after its latest earnings results similarly came in weaker than expected. The semiconductor company’s fourth-quarter earnings forecast was disappointing as well.

Those results plagued the broader semiconductor sector more broadly. Key names such as On Semiconductor, Advanced Micro Devices and Micron Technology each declined roughly 3%, and the VanEck Semiconductor ETF (SMH) pulled back around 2%.

Netflix shares also weighed on the market. The stock slumped 9% after the streamer posted an earnings miss and cited a dispute with Brazilian tax authorities as a reason for the shortcoming.

On the flip side, Intuitive Surgical was a winner during Wednesday’s session, with shares rallying 14% on the back of its strong earnings and revenue results.

The Dow is coming off a record-setting session, briefly topping 47,000 on Tuesday, thanks to strong results from Coca-Cola and 3M. The S&P 500 and Nasdaq lagged, however, after President Donald Trump commented about his expected meeting next week with Chinese President Xi Jinping. He noted that “maybe it won’t happen.”