The daylong slide marks a turnaround from Wednesday, when a series of solid earnings helped push major indexes to record highs. This is one of the busiest weeks in the latest round of corporate earnings in the US. The market has been volatile since reports started trickling in last week.Technology stocks sustained the steepest declines throughout the day. Digital payments company PayPal slid 4.3 per cent after cutting its revenue forecast. Microsoft and Apple also fell.
Industrial and technology stocks, which have been contending with the impact of trade disputes and tariffs, will feel some of the most severe profit contractions, according to FactSet. DENTED FENDER: Ford fell 7.6 per cent after the automaker reported a severe drop in second quarter profit which fell shy of Wall Street's financial forecasts. The drop was due largely to restructuring costs in Europe and South America. The company is still in the midst of an overhaul that it will cost $US11 billion over the next several years.
MAX WOES: American Airlines fell 7.6 per cent and after the company warned investors of hefty costs because of the grounding of Boeing 737 MAX jets. COMMODITIES: Benchmark crude oil rose 14 US cents to settle at $US56.02 a barrel. Brent crude oil, the international standard, rose 21 US cents to close at $US63.39 a barrel. Wholesale gasoline rose 2 US cents to $US1.88 per gallon.