Tech Stocks Drop, Netflix Sinks 10% On Worst Day Since 2022: What's Moving Markets Wednesday?

Author: Piero Cingari | October 22, 2025 01:47pm

Risk sentiment deteriorated sharply on Wednesday as a wave of disappointing earnings guidance and escalating U.S.-China trade tensions rattled investor confidence.

The Trump administration is considering new restrictions on exports to China that would target products either made with or containing U.S.-developed software. If enacted, the measure could significantly curb global shipments of a wide range of goods to China, deepening the tech trade war between the world's two largest economies.

The Nasdaq 100 fell 1.2% to 24,820 points, while the S&P 500 declined 0.7% to 6,690. Technology was the session's worst-performing sector, with semiconductor stocks leading losses. The iShares Semiconductor ETF (NYSE:SMH) dropped 2.8%.

The VIX – also known as the market’s fear gauge – rallied 9% to 19.6 levels.

Netflix Inc. (NASDAQ:NFLX) was the S&P 500's biggest laggard, plunging 10.2% in its worst session since April 2022. The streaming giant fell short of third-quarter profit estimates after incurring a $619 million tax dispute-related loss in Brazil, which overshadowed its otherwise strong content performance.

Other notable decliners included Super Micro Computer Inc. (NASDAQ:SMCI), down 7.2%, and Robinhood Markets Inc. (NASDAQ:HOOD), which fell 7%.

On the upside, Intuitive Surgical Inc. (NASDAQ:ISRG) soared 14% after posting better-than-expected quarterly results.

Gold prices extended losses for a second straight day, with the metal falling 1.8% to $4,050 per ounce after Monday's dramatic 5.3% plunge. However, the renewed threat of U.S. tech export controls to China offered some intraday support to the safe-haven asset. Silver dropped another 1.2% to $48 per ounce, following Monday's volatile 7.1% slide.

Crypto sentiment also turned negative. Bitcoin (CRYPTO: BTC) slipped 0.3% to $108,000, while altcoins saw steeper declines. Shares of Coinbase Global Inc. (NASDAQ:COIN) and MicroStrategy Inc. (NASDAQ:MSTR) dropped 6% and 4.9%, respectively.

Wednesday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-day %
Dow Jones	46,676.43	-0.5%
S&P 500	6,689.86	-0.7%
Nasdaq 100	24,819.43	-1.2%
Russell 2000	2,439.65	-1.9%

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) dropped 0.8% to $612.22.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) fell 0.6% to $466.22.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) dropped 1.4% to $602.63.
• The iShares Russell 2000 ETF (NYSE:IWM) sank 2% to $242.01.
• The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) outperformed, up 1%; the Technology Select Sector SPDR Fund (NYSE:XLK) lagged, down 1.6%.

Wednesday’s Stock Movers On Earnings Reports

• Netflix Inc. (NASDAQ:NFLX) down 10.2%
• Thermo Fisher Scientific Inc. (NYSE:TMO) up 2.0%
• AT&T Inc. (NYSE:T) down 2.3%
• Boston Scientific Corp. (NYSE:BSX) up 4.9%
• Amphenol Corp. (NYSE:APH) up 1.8%
• Texas Instruments Inc. (NASDAQ:TXN) down 6.9%
• GE Vernova Inc. (NYSE:GEV) down 4.0%
• Capital One Financial Corp. (NYSE:COF) up 2.3%
• CME Group Inc. (NASDAQ:CME) up 1.5%
• Moody's Corp. (NYSE:MCO) down 1.1%
• Hilton Worldwide Holdings Inc. (NYSE:HLT) up 4.7%
• Westinghouse Air Brake Technologies Corp. (NYSE:WAB) down 1.3%
• Teledyne Technologies Inc. (NYSE:TDY) down 2.8%
• Northern Trust Corp. (NASDAQ:NTRS) down 2.4%
• NVR Inc. (NYSE:NVR) down 1.1%
• Lennox International Inc. (NYSE:LII) down 8.4%
• Omnicom Group Inc. (NYSE:OMC) up 4.3%
• East West Bancorp Inc. (NASDAQ:EWBC) up 3.4%
• Manhattan Associates Inc. (NASDAQ:MANH) down 4.6%
• Western Alliance Bancorporation (NYSE:WAL) up 2.3%
• Agree Realty Corp. (NYSE:ADC) up 0.5%
• Mattel Inc. (NASDAQ:MAT) down 3.9%

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Photo: Lightspring/Shutterstock

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