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Indexes: Dow down 0.13%, S&P 500 down 0.01%, Nasdaq down

0.21%

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Netflix ( NFLX ) drops after earnings miss

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Texas Instruments ( TXN ) slips after fourth quarter results

(Updates on market open)

By Pranav Kashyap and Twesha Dikshit

Oct 22 (Reuters) - Wall Street slipped on Wednesday,

with Netflix's ( NFLX ) weak profit weighing on sentiment as investors

monitored a flood of corporate earnings to get clarity in a

high-stakes reporting season.

Shares of Netflix ( NFLX ) dropped 7.8% on Wednesday after

the streaming giant's fourth-quarter revenue outlook failed to

excite investors.

At 09:39 a.m., the Dow Jones Industrial Average fell

59.20 points, or 0.13%, to 46,865.54, the S&P 500 lost

0.67 points, or 0.01%, to 6,734.68 and the Nasdaq Composite

lost 48.89 points, or 0.21%, to 22,904.77.

Texas Instruments ( TXN ) lost 7.7% after

lower-than-expected revenue and profit forecasts from the

chipmaker.

Peers Microchip Technology ( MCHP ), ON Semiconductor

lost and Analog Devices dropped between 2.3% and 4.5%. The

Philadelphia Semiconductor Index was down almost 1% after

hitting an all-time high on Monday.

With equities hovering near record highs and valuations

stretched thin, investors need more than earnings beats to

justify lofty price tags.

All eyes will be on Tesla as it kicks off the

'Magnificent Seven' earnings lineup after the closing bell. The

Mag Seven collectively account for close to 35% of the S&P 500's

total market capitalization.

The big question is whether "the mega cap tech earnings

(would) look like Netflix ( NFLX ) or are they going to be more

positive," said Alex Coffey, senior trading & derivatives

strategist at Charles Schwab.

"So much of the earnings growth has been tied to those

companies," he said, adding that if they fail to deliver, the

market would possibly go down.

AT&T ( T ) added more wireless subscribers than expected for

the third quarter, but its shares fell 3%.

So far, 78 S&P 500 companies have reported, with 87% beating

estimates, according to LSEG data. Analysts expect third-quarter

earnings growth of 9.2% year-on-year, up from 8.8% at the start

of the month.

GEOPOLITICS AND DATA TROUBLES

Geopolitical jitters continued. A planned summit between

U.S. President Donald Trump and Russian President Vladimir Putin

was put on hold, while uncertainty swirled around a potential

meeting with Chinese President Xi Jinping.

Despite recent signs of tensions thawing between Washington

and Beijing, Trump reignited doubts on Tuesday, saying the

meeting with Xi "maybe won't happen."

Trump refused to meet top Democrats until the three-week-old

government shutdown ends, leaving the Federal Reserve short on

data ahead of next week's policy meeting. Friday's data - with

core CPI expected to hold at 3.1% - may be the Fed's only clear

read on inflation.

Among other moves, Intuitive Surgical ( ISRG ) shares jumped

15.5% after the company's third-quarter results beat estimates.

Amphenol ( APH ) forecast fourth-quarter results above

expectations, sending its shares up 6.6%.

Mattel ( MAT ) shares slipped 3.8% after the Barbie-maker

missed Wall Street estimates for third-quarter revenue and

profit.

Advancing issues outnumbered decliners by a 1.25-to-1 ratio

on the NYSE and by a 1.53-to-1 ratio on the Nasdaq.

The S&P 500 posted 6 new 52-week highs and one new low while

the Nasdaq Composite recorded 16 new highs and 26 new lows.

(Reporting by Pranav Kashyap and Twesha Dikshit in Bengaluru;

Editing by Arun Koyyur and Shinjini Ganguli)