Nasdaq Falls Nearly 1% as US Considers Restrictions on Software Exports to China; Netflix Drops 10%
US Export Restrictions: Treasury Secretary Scott Bessent announced that the White House is contemplating restrictions on the export of products made with US software to China, raising market concerns and contributing to a decline in US stock prices.
Stock Market Performance: On Wednesday, the DJIA fell by 334 points (0.7%), the S&P 500 decreased by 35 points (0.5%), and the Nasdaq dropped by 213 points (0.9%) amid disappointing corporate earnings.
Corporate Earnings Reports: Texas Instruments reported an earnings miss and lowered its quarterly guidance, leading to a 5.6% drop in its stock, while Netflix's stock plunged 10% due to an earnings miss and tax disputes in Brazil.
AT&T Revenue Update: AT&T reported below-expectation revenue for the last quarter but saw strong growth in wireless subscribers, resulting in a 2% decline in its stock price.
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