The major averages opened lower and accelerated their losses throughout the day on a plethora of earnings reports and rising tensions with China once again. The Dow Jones Industrial Average lost 334 points, or 0.71%, at 46,590. The S&P 500 fell 35 points or 0.5% while the Nasdaq Composite fell 213 points or 0.9%.

A plethora of earnings from the likes of Texas Instruments Netflix, Thermo Fisher, Capital One, Winnebago, CME, GE Vernova, AT&T, Boston Scientific, Hilton, Barclays, Amphenol and many more.

Texas Instruments dragged down the chip sector on lackluster earnings.  Netflix as another dog down 10% on growth concerns.

To the upside were Boston Scientific and Hilton. Hilton mentioned the average customer is struggling, but the high end is doing well. The airlines and credit card companies have made similar comments.

The government shutdown continues, but there will be inflation data out at the end of the week. Interest rates remain quiet. The 10 year Treasury yield fell a basis point to 3.95%. The 2-year Treasury note closed at 3.44% while the 30-year bond dropped a basis point to 4.53%.

In the commodity space, oil rose 3%, but remains below $60 a barrel. Gold was modestly higher after the biggest drop in over 5 years on Tuesday. Crypto currencies took a hit down over 3%.

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