The S&P 500 was on track to post its worst day in about two months on Wednesday as disappointing results from Goldman Sachs and Wells Fargo deflated hopes for strong bank earnings. The Nasdaq fell more than 1 percent, also its biggest daily percentage loss since November 23, as more disappointment on the earnings front came from Cree Inc. Its stock tumbled 14.1 percent to $53.87.
A semiconductor index also dropped 2 percent, its worst percentage decline since August 30. Goldman Sachs Group Inc's stock fell 3 percent to $169.48 after the Wall Street firm posted a 53 percent drop in profit as trading revenue tumbled. Shares of Wells Fargo & Co lost 2.1 percent to $31.78 after the company posted a fourth-quarter profit that missed some analysts' estimates.
The Dow Jones industrial average was down 10.14 points, or 0.09 percent, at 11,827.79. The Standard & Poor's 500 Index was down 10.62 points, or 0.82 percent, at 1,284.40, its biggest daily percentage loss since November 23. The Nasdaq Composite Index was down 32.00 points, or 1.16 percent, at 2,733.84.