Major indices erased intraday gains to finish in the red ahead of key earnings reports from Tesla, Alphabet, and other tech giants.
US stock indices surrendered early gains to close lower, with the Dow Jones Industrial Average dipping 6.0 points, or 0.01%, to 52,224.23. The S&P 500 fell 10.24 points, or 0.14%, to 7,498.97, while the Nasdaq Composite declined 146.30 points, or 0.57%, to 25,690.90. The Russell 2000 led losses, dropping 0.92% to 2,959.93.
Earlier in the session, the Dow had climbed as much as 286.02 points, and the S&P 500 was up 16.73 points. The Nasdaq briefly traded in positive territory before reversing course. The pullback came ahead of after-hours earnings from Tesla, Alphabet, ServiceNow, IBM, and Texas Instruments.
Alphabet reported earnings per share of $9.11, beating estimates of $2.88, while revenue rose to $119.8 billion, surpassing the $117.0 billion forecast. Tesla missed on adjusted EPS, reporting $0.33 versus $0.52 expected, though revenue of $28.2 billion topped estimates. ServiceNow and Texas Instruments both beat on earnings and revenue, while IBM fell short on both metrics. After-hours trading showed mixed reactions, with Alphabet shares up 0.68% and Tesla down 3.40%.