NEW YORK: The S&P 500 and the Dow fell sharply on Wednesday after planemaker Boeing reported a record annual loss, while declines on the Nasdaq were offset by upbeat results from Microsoft.

Boeing Co fell 3% and was among the top drags on the S&P 500 and the Dow Jones Industrial Average after the planemaker took a hefty $6.5 billion charge on its all-new 777X jetliner due to the COVID-19 pandemic and the aftermath of a two-year safety crisis over its 737 MAX.

Declines were across the board in early trading, with 10 of the 11 major S&P 500 sectors in negative territory.

The CBOE Market Volatility index, often used as a gauge for investor anxiety, rose 5.63 points, hitting its highest since Jan 4.

At 10:07 a.m. ET the Dow Jones Industrial Average was down 429.73 points, or 1.39%, at 30,507.31, the S&P 500 was down 50.36 points, or 1.31%, at 3,799.26, and the Nasdaq Composite was down 141.04 points, or 1.04%, at 13,485.03.