Disappointing earnings weighed the markets down to a sharply lower open with the Dow plunging 113 points to 18,215. Nasdaq tumbled 38 points to 5,290.
On the upside
Nova Lifestyle (Nasdaq: NVFY) signed a $15 million annual product framework agreement to supply mattresses and other products to The Future Biz School in Hong Kong and Malaysia.
Staffing 360 Solutions (Nasdaq: STAF) reported a smaller loss for the first quarter as revenue climbed.
Biostar Pharmaceuticals (Nasdaq: BSPM) will launch a new topical product to treat rhinitis and sinusitis.
On the downside
Rent-A-Center (Nasdaq: RCII) warned that third quarter earnings would fall far short of analyst expectations.
Illumina (Nasdaq: ILMN) cut its third quarter revenue guidance.
Alcoa (NYSE: AA) reported lower than expected earnings for the third quarter.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by 3 to 1 on Nasdaq. The broader S&P 500 dropped 14 points to 2,148. Bitcoin soared $18 to $633.
