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Stocks - Wall Street Falls as Netflix Weighs on Tech Stocks

Wall Street was lower on Tuesday.

Investing.com – Wall Street was lower on Tuesday as weak subscription numbers weighed on Netflix (NASDAQ:NFLX) and investors waited for testimony from Federal Reserve Chair Jerome Powell.

The S&P 500 lost six points, or 0.23%, to 2,791.88 as of 9:45 AM ET (13:45 GMT), while the Dow decreased 60 points, or 0.24%, to 25,003.70 and the tech-heavy NASDAQ Composite was down 29 points or 0.38% to 7,775.77.

On the earnings front, Goldman Sachs (NYSE:GS) inched down 0.77% after it reported a better-than-expected second-quarter earnings and named David Solomon as its next CEO.

Meanwhile, Netflix slumped 13.18% after its subscriber growth missed estimates, while Johnson & Johnson (NYSE:JNJ) was up 2.65% after its earnings results came in higher than expected.

In other earnings news, United Continental (NYSE:UAL), CSX (NASDAQ:CSX) and others are expected to report after the closing bell.

Technology stocks were also down, with Amazon.com (NASDAQ:AMZN) falling 1.03%, Facebook (NASDAQ:FB) down 0.68% and Twitter (NYSE:TWTR) decreasing 1.69%.

UnitedHealth lost 3.02% despite posting higher-than-expected revenue, as its membership decreas,ed.

Meanwhile Fed Chair Jerome Powell is set to deliver his semi-annual monetary policy testimony on the economy before the Senate Banking Committee at 10:00 AM ET (14:00 GMT). Investors will watch closely for any clues of future rate inc,reases, as well as the central bank’s views on trade.

In Europe, stocks were mixed. Germany’s DAX rose 13 points, or 0.11%, while in France the CAC 40 decreased 11 points, or 0.21%, and in London, the FTSE 100 was up 8 points, or 0.11%. Meanwhile the pan-European Euro Stoxx 50 lost 12 points, or 0.37%, while Spain’s IBEX 35 slumped 42 points or 0.44%.


In commodities, gold futures fell 0.64% to $1,231.80 a troy ounce while crude oil futures decreased 0.73% to $66.56 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rallied 0.21% to 94.47.

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