A mixed bag of corporate earnings pulled stocks modestly lower in late-afternoon trading Wednesday, placing the market on track to snap a five-day winning streak.
Video game makers were the biggest losers. Take-Two Interactive and Electronic Arts plunged after releasing weak forecasts, citing tougher competition. A broad slide in homebuilder shares also weighed on the market.
Gains in technology stocks offset some of those losses, with Skyworks Solutions leading the way. Shares in the semiconductor company jumped after it announced a $2 billion stock buyback plan.
Snap, which operates the photo-messaging app Snapchat, soared after reporting a giant increase in sales and slashing its quarterly loss in half.
The mixed results continue rolling out, with more than half of the companies in the S&P 500 having already reported earnings. The results are mostly beating forecasts, helping to allay some investors’ fears over a slowdown in growth.
Broader economic concerns continue shadowing the market, however. Investors are still concerned about tariffs cutting into profits and consumers’ wallets, along with a general slowdown in growth globally.
KEEPING SCORE: The Dow Jones Industrial Average fell 8 points to 25,402 as of 3:25 p.m. Eastern Time. The benchmark S&P 500 index slipped 0.2 percent. The Nasdaq composite slid 0.4 percent.
THE QUOTE: “We’ve been on a nice five-day positive streak here, perhaps we’ll still see something to pull that out, but this may be the day that we break that stretch here,” said Paul Springmeyer, head of investments at U.S. Bank Wealth Management.
FORTNITE FIGHT: Take-Two and Electronic Arts plunged 14.3 percent and 12.5 percent, respectively, as the companies grapple with competition from Epic Games Inc.’s hit game “Fortnite.”
Take-Two, maker of the “Grand Theft Auto” and “Red Dead Redemption” games series, gave investors a weak outlook for the current quarter. Electronic Arts’ titles include “The Sims” and various sports games, including “Madden