Disappointing Earnings News Contributing To Sell-Off On Wall Street

Stocks have moved sharply lower in morning trading on Wednesday, with the major averages all showing significant moves to the downside after ending the previous session mixed. The tech-heavy Nasdaq has helped lead the way lower.

In recent trading, the major averages have fallen to new lows for the session. While the Nasdaq is down 238.08 points or 2.1 percent at 11,096.19, the S&P 500 is down 58.25 points or 1.5 percent at 3,958.70 and the Dow is down 364.44 points or 1.1 percent at 33,369.52.

The sell-off on Wall Street largely reflects a negative reaction to earnings news from some big-name companies.

Shares of Microsoft (MSFT) are tumbling by 3.4 percent after the software giant reported its fiscal second quarter results after the close of trading on Tuesday.

Microsoft reported second quarter earnings that exceeded analyst estimates but provided disappointing revenue guidance for the current quarter.