Stocks are closing lower on Wall Street as disappointing earnings reports weighed on technology and travel companies.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell. Chipmaker Micron Technology fell after warning investors that revenue could fall short of forecasts because of weakening demand. Norwegian Cruise Line plunged after reporting disappointing financial results and giving investors a weak revenue forecast.
Two reports on prices due later this week could signal to investors whether the Federal Reserve’s aggressive rate hikes this year have brought inflation under control.
The S&P 500 fell 17.59 points, or 0.4%, to 4,122.47.
The Dow Jones Industrial Average fell 58.13 points, or 0.2%, to 32,774.41.
The Nasdaq fell 150.53 points, or 1.2%, to 12,493.93.
The Russell 2000 index of smaller companies fell 28.31 points, or 1.5%, to 1,912.89.
For the week:
The S&P 500 is down 22.72 points, or 0.5%.
The Dow is down 29.06 points, or 0.1%.
The Nasdaq is down 163.63 points, or 1.3%.
The Russell 2000 is down 8.93 points, or 0.5%.
For the year:
The S&P 500 is down 643.71 points, or 13.5%.
The Dow is down 3,563.89 points, or 9.8%.
The Nasdaq is down 3,151.04 points, or 20.1%.
The Russell 2000 is down 332.42 points, or 14.8%.