Investing.com -- U.S. stocks moved broadly lower on Wednesday extending losses from one session earlier, as losses from Apple Inc (NASDAQ:AAPL) and Microsoft Corporation (NASDAQ:MSFT) weighed on the major indices after the technology giants reported unsatisfactory quarterly earnings Tuesday after the bell.
The Dow Jones Industrial Average and NASDAQ Composite index each fell mildly to retreat from near record territory, while the S&P 500 Composite index also posted losses for the second consecutive session on a bearish day for stocks. The Dow lost 68.25 or 0.38% to 17,851.04 amid the disappointing earnings from the prominent companies, while the NASDAQ dropped 36.35 or 0.70% to end the session at 5,171.77.
The S&P 500, meanwhile, fell 5.06 or 0.24% to 2,114.15, as stocks in five of 10 sectors closed in the red. Stocks in the Technology, Telecommunications and Energy industries lagged, each dropping by more than 0.7% on Wednesday.
Apple shares fell more than 4.2%, one day after the world's largest company missed analysts' forecasts with its iPhone and iPad shipments during the second quarter. Although Apple shipped more than 47 million iPhones and 10.9 million iPads during the period, the company slightly missed analysts' expectations in both sales categories. Still, Apple CEO Tim Cook appeared pleased at his company's quarter, describing its continual growth as "staggering." Apple finished the session as the worst performer on the Dow, falling 5.53 points to 125.22.
Microsoft finished just ahead of Apple, losing 1.74 or 3.68% to 45.54, one session after posting one of its worst quarterly results in recent memory. The top performer on the Dow was JPMorgan Chase & Co (NYSE:JPM), which rose 0.98 or 1.42% to 70.08.
The biggest gainer on the NASDAQ was Intuitive Surgical Inc (NASDAQ:ISRG), which gained nearly 9% after the California-based robotic surgical systems company saw its second quarter revenues surge 14% to $586.1 million. Shares in Intuitive Surgical gained 44.79 points in Wednesday's session to close at 549.88. The worst performer was San Diego-based gene sequencing company Illumina Inc (NASDAQ:ILMN), which dipped 20.05 or 8.44% to 217.49.
Intuitive Surgical also finished as the top performer on the S&P 500, just ahead of Chipotle Mexican Grill Inc (NYSE:CMG), which gained 52.75 or 7.84% to 725.82. On Tuesday, Chipotle increased its quarterly revenues by 14% on a yearly basis. Investors are also encouraged by the return of carnitas meat to all of its American restaurants by the fourth quarter, after the company inked a deal with a new supplier to provide "responsibly raised pork."
The worst performer was oil and gas equipment services company FMC Technologies (NYSE:FTI), which fell 3.62 or 9.95% to 32.75. WTI crude futures continued their steady decline throughout the summer, falling below $50 a barrel for the first time since early-April on Wednesday.
On the New York Stock Exchange, declining issues outnumbered advancing ones by a 1,834 to 1,324 margin.