U.S. stocks had their worst day in two months on Wednesday as a batch of corporate earnings reports disappointed investors. Concerns of rising bond yields also dampened sentiment in stocks.
The Dow Jones industrial average fell 112.3 points to close at 23,329.46, marking its biggest one-day fall since Sept. 5. The index dropped nearly 200 points at its session lows. Boeing contributed the most to the losses.
The stock closed 2.8 percent lower after two of its businesses saw declines in revenue compared to last year, largely due to $329 million in costs due to production problems of the KC-46 aerial refueling tanker.
The S&P 500 declined 0.47 percent to finish at 2,557.15, with industrials and telecommunications leading decliners. The S&P had its worst day since Sept. 5. Chipotle Mexican Grill was the biggest decliner on the index, dropping 14.6 percent after its quarterly results missed the mark.
Chip maker Advanced Micro Devices saw its shares drop 13.5 percent despite beating the Street on earnings and revenue. The company said it expects a drop in revenue for the current quarter.
The Nasdaq composite slipped 0.5 percent to 6,563.89.