Market Overview - US stocks experienced a decline on Wednesday, with the Dow Jones Industrial Average falling by over 400 points, approximately 1%, and the S&P 500 losing around 1.2%. The Nasdaq Composite led the losses, down about 1.8% [1]. Earnings Reports - Wall Street reassessed its position as the first wave of megacap tech earnings was released, with Tesla's quarterly report expected after the market close. Shares of Tesla fell around 2.5% leading up to the results [2]. - Netflix's stock dropped more than 10% after the company missed earnings expectations, partly due to a tax dispute in Brazil. This decline negatively impacted other tech stocks [3]. - Mattel's shares also retreated as the company's North American sales fell short of expectations [3]. Commodity and Trade Developments - Gold prices continued to decline after experiencing the largest one-day drop in over a decade. Market participants remain cautious regarding trade-war developments, particularly with renewed tensions between the US and China. Additionally, reports indicate that the US and India are nearing an agreement to reduce tariffs on Indian exports from 50% to as low as 15% [4]. Economic Indicators - Official economic releases are currently on hold due to the US federal shutdown. The upcoming September Consumer Price Index report is anticipated to be a significant data point for the markets, influencing expectations ahead of the Federal Reserve's meeting next week, where a 25 basis point interest rate cut is widely expected [5].