12:28 PM EDT, 10/22/2025 (MT Newswires) -- US equity indexes took a breather ahead of Tesla's (TSLA) quarterly results after the bell and as Netflix's ( NFLX ) earnings overnight disappointed investors.

The Nasdaq Composite fell 0.7% to 22,787.2, with the S&P 500 down 0.3% to 6,713.3 and the Dow Jones Industrial Average 0.2% lower at 46,808.5. The Dow on Tuesday touched a new all-time high of 47,125.66, led mainly by quarterly earnings.

Healthcare and consumer staples led the gainers, implying a defensive tone in markets amid a 7.2% jump in the CBOE Volatility Index, also known as the fear gauge. Consumer discretionary, home to Tesla, and industrial were among the decliners.

Troy Teslike, an independent analyst, expects Tesla to report non-GAAP earnings per share of $0.66, versus the consensus of $0.59, and sales of $28.4 billion are also likely to exceed market projections. However, Teslike's forecast for gross margins at 17.2% is shy of peers.

Morningstar's Seth Goldstein maintained his sell rating on Tesla because of skepticism around the robotaxi launch timetable and concern that Tesla's shares are overvalued.

Meanwhile, Netflix ( NFLX ) slumped 9.1%% intraday, the steepest decline on the Nasdaq and the S&P 500, after the streaming company reported overnight Q3 earnings that trailed analysts' estimates.

Texas Instruments ( TXN ) shares were 5.2% lower, also among the biggest laggards on the S&P 500 and the Nasdaq, after the company also reported late Tuesday fiscal Q3 earnings below analysts' estimates. Morgan Stanley said the company's Q4 guidance "may prove conservative" but that it believes margin pressure will continue.

Most US Treasury yields rose by Wednesday afternoon, with the 10-year yield up 1.1 basis points to 3.97%, rising from its lowest since April on an intraday basis.

Gold futures dropped 1% to $4,068.71, extending a decline from an all-time high.