U.S. stocks and the price of gold are falling as of Wednesday afternoon after near-record highs, according to the Associated Press.
The S&P 500 dropped 1% and may hit one of its worst lows in the past few months. The Dow Jones dropped 417 points after rising to its all-time high on Tuesday. And the Nasdaq composite dropped 1.7%.
The AP reported that Netflix was one culprit for the market drop, with a weak profit from its latest quarter, coming in under analyst expectations.
AT&T fell 2.4% after meeting analyst expectations, and Texas Instruments fell 8% after missing profit forecasts.
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Gold fell 1.1% to $4,065.40 per ounce after it fell 5.3% on Tuesday from its record high. Gold’s price is still up about 55% for the year.
