The Dow was down 35 points, while the S&P 500 slipped 0.15% and the Nasdaq fell 0.25%.
Netflix shares plunged more than 11% after the streaming giant reported a surprise loss in U.S. subscribers coupled with slower-than-expected international membership growth. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter.
The stock’s drop dragged the Invesco QQQ Trust ETF down.
IBM shares, meanwhile, declined 0.8% after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT division offset growth in its cloud business.
Morgan Stanley posted better-than-expected quarterly results — driven by its wealth management and fund divisions — but the stock fell.
So far, more than 12% of S&P 500 companies have reported quarterly results this earnings season. Of those companies, nearly 84% have reported better-than-expected earnings, according to FactSet data.