Apple, Wall Street’s most valuable company, fell 3.7 per cent in Tuesday’s session ahead of its report on Thursday.

“Earnings broadly have been pretty good. But it hasn’t really mattered very much to the overall stock story. It’s mainly about the Fed and other central banks, and now China and COVID,” said Ross Mayfield, an investment strategist at Baird in Louisville, Kentucky.

“I think with where the market is right now, in this indiscriminate selling and fear phase, I think you’ve got more potential for downside risk than you have for an upside surprise,” Mayfield said.

The S&P 500 consumer discretionary index lost 4.99 per cent and was among the worst of 11 sector indexes, pulled lower by Tesla, and also by a 4.6 per cent decline in Amazon.

The S&P 500 energy index was the only sector to rise, ending up 0.05per cent as oil prices rebounded following reports that Russian gas supplies to Poland would be halted Wednesday, a development viewed as an escalation of tensions between Russia and the West over Ukraine.

Of the 134 companies in the S&P 500 that reported earnings so far, 80.6per cent topped analysts’ profit expectations, according to Refinitiv data. In a typical quarter, 66per cent beat estimates.

General Electric Co tumbled more than 10 per cent after forecasting full-year earnings at the low end of its previous estimate.

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United Parcel Service Inc fell 3.5 per cent despite reporting a rise in quarterly adjusted profit, while U.S. hospital operator Universal Health Services Inc slumped nearly 9 per cent after its earnings missed estimates.

Meanwhile, data showed U.S. consumer confidence edged lower in April, though households planned to buy automobiles and many appliances, which should help underpin consumer spending in the second quarter.

Volume on U.S. exchanges was 12.3 billion shares, compared with a 12.6 billion average over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 4.71-to-1 ratio; on Nasdaq, a 4.82-to-1 ratio favored decliners.

The S&P 500 posted no new 52-week highs and 45 new lows; the Nasdaq Composite recorded 24 new highs and 646 new lows.

Reuters