US stocks close midweek in red on trade disputes, downbeat earnings

​​​​​​​By Mucahithan Avcioglu

ISTANBUL (AA) - The New York Stock Exchange ended Wednesday in negative territory amid concerns about a trade dispute with China and downbeat earnings from major companies.

The Dow dropped 0.71%, or 334.33 points, to close at 46,590.41.

The Nasdaq was down 0.93%, or 213.27 points, to close at 22,740.4, while the S&P 500 fell 0.53%, or 35.95 points, to 6,699.4.

The Volatility Index (VIX), also known as the "fear index," increased 4.1% to 18.6.

Equities turned negative after reports said Treasury Secretary Scott Bessent confirmed that the White House is considering limiting US software exports to China.

That followed President Donald Trump's announcement two weeks ago that the US would impose export controls on "any and all critical software" on Nov. 1.

Meanwhile, as the US federal government remains closed due to a budget dispute, Trump stated that he would only meet with Democrats, whom he holds responsible for the shutdown, if they approve a temporary budget bill and ensure the government opens.

On the corporate earnings front, semiconductor firm Texas Instruments saw a 5.6% decline after its third-quarter profits were lower than anticipated.

The announcement had a negative effect on the semiconductor industry. Advanced Micro Devices fell 3.3%, On Semiconductor fell 5.7%, and Micron Technology dipped 1.9%.

Netflix slid 10% after third-quarter profits were below expectations because of a dispute with Brazilian tax authorities.