(CNBC) — U.S. stocks closed lower on Wednesday as disappointing tech earnings weighted down on the three major indices.
"Basically, it's a repeat of yesterday," said Peter Cardillo, chief market economist at Rockwell Global Capital, adding that only a handful of stocks are driving down the broader stock market.
U.S. stocks closed lower on Tuesday, with lackluster earnings from IBM and UTX sending the Dow Jones down 1 percent and the Nasdaq off its recent records.
Advertisement - story continues below
"This week we're getting a mixed bag of earnings," said William Lynch, director of investments at Hinsdale Associates. "Expectations were low coming in and last week [earnings] came in better than expected."