Major equity indexes in the United States started the day deep in the negative territory following disappointing revenue data. As of writing, the Dow Jones Industrial Average was down 1.32% on the day while the S&P 500 and the Nasdaq Composite were losing 1.05% and 1.65%, respectively.
Ahead of the opening bell, chipmaker Nvidia announced that it lowered the expected revenue for the fourth quarter to $2.2 billion from $2.7 billion. The company’s shares lost more than 15% and weighed on the S&P 500 Technology Index, which was last seen down 1.9%.
Additionally, Caterpillar shares fell nearly 10% after the company reported lower-than-expected earnings for the Q4 and pointed out to weak demand from China as the primary reason. The S&P 500 Industrials Index is the second-worst performing sector behind technology with a 1.6% loss. Among the 11 major S&P 500 sectors, only the Utilities Index stays in the positive territory in the early trade.
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