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Trump mulls curbs on US software-enabled exports to China

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Netflix ( NFLX ) drops after earnings miss

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Texas Instruments ( TXN ) slips after dour Q4 forecast

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Tesla results expected shortly

(Updates to market close)

By Stephen Culp

NEW YORK, Oct 22 (Reuters) - Wall Street closed lower on

Wednesday as a wave of mixed earnings, including Netflix's ( NFLX )

disappointing results, dampened risk sentiment as investors

assessed reports that the Trump administration is considering

curbs on exports to China made with U.S. software.

All three major U.S. stock indexes extended their losses

after the report, with weakness in tech and

communication services stocks weighing the Nasdaq down

the most.

The new export curbs, which would include a wide array of goods

ranging from laptops to jet engines, are some of the measures

being considered in retaliation against Beijing's latest round

of rare earth export restrictions, and mark yet another

escalation of trade tensions between the world's two largest

economies.

U.S. President Donald Trump

said on Tuesday

he thinks he will have a "very successful meeting" with

Chinese President Xi Jinping, but also said perhaps the

encounter in South Korea

later this month will not happen.

The Washington-Beijing trade dispute "has been ongoing and

probably will continue until the potential meeting with Trump

and Xi," said Tom Hainlin, national investment strategist at

U.S. Bank Wealth Management in Minneapolis. "Add to that, some

tech companies reported some disappointing numbers."

"But it's been a pretty good earnings season, and (stocks

are) not that far off all-time highs," Hainlin added. "We

wouldn't tell investors to change their allocations based on a

day like today."

On that front, Netflix ( NFLX ) slid after the streaming company

missed quarterly profit expectations, raising concerns about

stretched valuation.

Texas Instruments ( TXN ) posted lower-than-expected revenue

and profit forecasts, dragging the chipmaker's shares down.

The Philadelphia Semiconductor Index, which has

outperformed the broader market this year driven by artificial

intelligence fervor, tumbled after touching a record high on

Monday.

Tesla will be the first of the "Magnificent Seven"

group of artificial intelligence-related momentum stocks to post

third-quarter earnings when it reports after the closing bell.

Collectively, the group accounts for over a third of the S&P

500's total market capitalization.

Intuitive Surgical ( ISRG ) jumped following the company's

third-quarter earnings beat.

AT&T ( T ) fell even as it added more wireless subscribers

than expected for the third quarter.

Third-quarter earnings season is well underway, with 86% of

the companies having reported beating Wall Street estimates.

Analysts currently expect third-quarter S&P 500 earnings growth,

on aggregate, of 9.3% year-on-year, an improvement over the 8.8%

annual growth estimate as of October 1, according to the most

recent data from LSEG.

"You earn high valuations by achieving those expectations,

and in general companies have so far been meeting or exceeding

those expectations," Hainlin said. "And those that haven't are

not being rewarded by investors with patience."

According to preliminary data, the S&P 500 lost 35.89

points, or 0.53%, to end at 6,699.47 points, while the Nasdaq

Composite lost 213.27 points, or 0.93%, to 22,740.40.

The Dow Jones Industrial Average fell 336.48 points, or

0.72%, to 46,588.26.

Beyond Meat's ( BYND ) heavily shorted stock jumped due to a

wave of buying among retail traders that echoed the meme stock

frenzy in recent years.