Apple drop spurs tech retreat but Boeing lifts Dow

The Nasdaq retreated Wednesday after disappointing Apple earnings pulled down the broader tech sector, while strong Boeing results lifted the Dow.

Apple dropped 2.3 percent after fourth-quarter earnings tumbled 19 percent to $9 billion on lower iPhone sales. Amazon, Expedia and Google parent Alphabet all fell one percent or more ahead of their earnings releases Thursday.

On the positive side, Boeing jumped 4.7 percent after the aerospace giant reported higher third-quarter earnings and boosted its projection for 2016 commercial plane deliveries.

The Dow Jones Industrial Average climbed 0.2 percent to 18,199.33.

The broad-based S&P 500 lost 0.2 percent at 2,139.43, while the tech-rich Nasdaq Composite Index sank 0.6 percent to 5,250.27.

Companies in the S&P 500 have thus far in the quarterly reporting season shown on average 0.6 percent higher earnings compared to the year-ago period, with 75 percent beating expectations, according to Wells Fargo.

However, it is still early, with more than three-fourths of S&P 500 companies yet to report.

Coca-Cola finished down 0.3 percent after third quarter profits fell less than expected, to $1.05 billion in the quarter ended September 30 from $1.45 billion a year earlier.

Chipotle Mexican Grill sank 9.3 percent as third quarter revenues slumped 14.8 percent to $1.0 billion, the latest sign of continued fallout from a series of food safety problems at the burrito chain.

Big movers included Akamai Technologies, which surged nearly 15 percent on strong growth in its cybersecurity business, while Edwards Lifesciences plummeted 17.0 percent after reporting a sales miss for a key heart valve, despite a solid earnings report.

Others with big moves following earnings included biotech company Biogen and food company Mondelez International, both of which gained 3.7 percent, Southwest Airlines, which fell 8.5 percent and oil-services company Weatherford International, which fell 6.8 percent.

Home improvement retailer Lowe's dropped 1.6 percent after it was downgraded by both JPMorgan Chase and Wedbush.