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The Nasdaq Composite paced the slide down 0.5%, while the S&P 500 fell 0.2% and the Dow Jones Industrial Average 0.1%.
Two bellwethers created headwinds for the overall market including General Motors Co. which topped estimates for both earnings and revenue but warned a chip shortage could reduce current year earnings by up to $2 billion.
And Cisco Systems Inc. said its sales from its enterprise business, which accounts for roughly half of the company’s revenue, slumped 9% year over year as government agencies and corporations remained cautious in the wake of the COVID-19 outbreak.
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Elsewhere, Twitter Inc. reported its number of daily users in the three months through December rose from 187 million to 192 million, but that was shy of the 193.5 million that analysts were anticipating. Both earnings and revenue were ahead of expectations.
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Dow component Coca-Cola Co. reported net sales slumped 5% from a year ago, but cost-cutting helped its profit beat Wall Street expectations.
Oracle and Walmart are in focus after The Wall Street Journal reported their acquisition of TikTok, guided by the Trump administration, was on hold.
MGM Resorts International and Uber Technologies Inc. will report after the closing bell.
In other news, Chevron Corp. said about 600 gallons of a mixture of water and oil spilled from its Richmond, California, facility. The leak, which has been contained, is under investigation.
Economic data was light with the consumer price index rising 0.3% month over month in January, in line with expectations. Prices were up 1.4% year over year.
In commodities, West Texas Intermediate crude oil was unchanged at $58.36 per barrel and gold ticked up $15.60 to $1,853.10 an ounce.
European markets swung between gains and losses with Germany’s DAX 30 trading lower by 0.1%, France’s CAC 40 down 0.06% and Britain’s FTSE 100 up 0.29%.
In Asia, China’s Shanghai Composite index rose 1.43% in its final day of trading before its weeklong closure in observance of the Chinese New Year. Elsewhere in the region, Hong Kong’s Hang Seng index advanced 1.91% and Japan’s Nikkei 225 ticked up 0.19%.