Stocks Slide in Early Session

Stocks were heading lower on Thursday morning as carmaker Ford Motor’s (F) results weighed on the Standard & Poor’s 500 while Tesla’s (TSLA) selloff after its earnings dented the Nasdaq Composite.

All the US measures trended lower after the open, with more than two-thirds of the blue chips on the Dow Jones Industrial Average pushing into the red. The S&P 500’s sectors were led lower by a 1.6% drop in materials and a 0.9% slide in information technology.

Tesla skidded 14% after the electric-car company said late Wednesday its second-quarter loss was worse than Wall Street expected. Align Technologies (ALGN) plunged 25% in the Nasdaq’s steepest decline after the company guided for third-quarter results below analysts’ predictions, even as the second-quarter outcome beat views.

Ford sank 6.7% after the F-150 maker said its second-quarter earnings underperformed the Street’s expectations and it offered downbeat guidance for the year. General Motors (GM) fell 1% and Fiat Chrysler (FCAU) was down 2.1%.

Dow (DOW) fell 3.3% in one of the sharpest declines on the Dow industrial measure as the maker of science-based materials and products said revenue in the second quarter missed expectations. 3M (MMM) rose 3.3% after the industrial conglomerate said revenue and earnings both beat views, even as they declined year on year.

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