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Indexes down: Dow 0.85%, S&P 500 0.94%, Nasdaq 1.60%

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Trump mulls curbs on U.S. 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

(Updates to afternoon trade)

By Stephen Culp

NEW YORK, Oct 22 (Reuters) - Wall Street moved 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

most.

The new export curbs, which 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.

"We're still at near record valuations and in a seasonally

weak patch," said Ross Mayfield, investment strategy analyst at

Baird in Louisville, Kentucky. "So I think you're going to have

more days like this where there's just enough headwinds to put a

dent in the bullish story."

On the earnings front, Netflix ( NFLX ) slid 9.9% 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 8.1%.

The Philadelphia Semiconductor Index, which has

outperformed the broader market this year driven by artificial

intelligence fervor, tumbled 4.0%. The chip index touched 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 13.4% following the

company's third-quarter earnings beat.

AT&T ( T ) fell 2.3% 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.

"I don't think that earnings results, for even the companies

that are being tagged today, are all that bad," Mayfield added.

"This is an example of what happens when you see estimates move

up across the quarter and you go into an earnings season with a

really high bar to be cleared."

The Dow Jones Industrial Average fell 398.20 points, or

0.85%, to 46,526.54, the S&P 500 lost 63.13 points, or

0.94%, to 6,672.22 and the Nasdaq Composite lost 368.22

points, or 1.60%, to 22,585.44.

Of the 11 major sectors of the S&P 500, tech was down the

most, with consumer staples enjoying the biggest

percentage gain.

Beyond Meat's ( BYND ) heavily shorted stock jumped 7.7%,

prompted by a wave of buying among retail traders which echoed

the meme stock frenzy in recent years.

Declining issues outnumbered advancers by a 1.95-to-1 ratio on

the NYSE. There were 109 new highs and 58 new lows on the NYSE.

On the Nasdaq, 1,074 stocks rose and 3,517 fell as declining

issues outnumbered advancers by a 3.27-to-1 ratio.

The S&P 500 posted 13 new 52-week highs and three new lows while

the Nasdaq Composite recorded 39 new highs and 104 new lows.