US Stocks Decline from Record Highs; Gold Prices Continue to Fall

Major U.S. stock indices edged lower on Wednesday, retreating from recent record highs. The S&P 500 slipped 0.6%, remaining within 0.8% of its all-time peak set earlier this month. The Dow Jones Industrial Average declined by 0.5%, and the Nasdaq Composite fell 1.2% as of 1:12 p.m. Eastern time.

Netflix shares dropped 10.2% after reporting quarterly profits below analyst expectations. AT&T fell 2.3% following earnings that matched forecasts, while Texas Instruments declined 6.8% after missing profit projections.

Conversely, Intuitive Surgical surged 13.9% after exceeding profit expectations, and Boston Scientific climbed 4.6% on similar positive earnings news.

Bank stocks remained relatively stable. Capital One Financial and Western Alliance Bancorp reported stronger-than-expected profits, with Western Alliance's results helping to restore confidence after recent concerns over potential bad loans.

Beyond Meat experienced significant volatility, falling 8.3% after earlier sharp gains. The stock remains up over 80% for October, partly due to Walmart's announcement of increased product availability in over 2,000 U.S. stores.

Gold prices continued their decline, slipping 0.8% to $4,074.70 per ounce, following a 5.3% drop on Tuesday that pulled it from its record high. Despite the recent downturn, gold remains up more than 50% for the year.

European and Asian markets showed mixed results. London's FTSE 100 rose 0.9% amid hopes for an interest rate cut, while South Korea's Kospi gained 1.6%. In contrast, Hong Kong's Hang Seng fell 0.9%, and France's CAC 40 declined 0.7%.

In the bond market, the yield on the 10-year Treasury slipped to 3.95% from 3.98% late Tuesday.