Wall Street fell further, with Disney down more than 13 percent

Stock markets in New York ended with heavy losses on Wednesday, ending recent days’ gains. Investors profited amid uncertainty surrounding the US midterm elections. Disney posted its worst quarterly report on Wall Street since 2001.

Disney lost 13 percent. Investors penalized the company for a disappointing quarterly report. It didn’t help that it had strong customer growth from its streaming service Disney+.

The Dow Jones Industrial Average fell nearly 2 percent to close at 32,513.94. The broader composite S&P 500 was at 3,748.57 points, while the tech gauge Nasdaq was down 2.5 percent at 10,353.17.

Sentiment took a hit from bitcoin (down 8.6 percent), which hit its lowest level in nearly two years on Wednesday. Crypto exchange Coinbase continued its decline, falling 9.5 percent as a result of negative sentiment surrounding cryptocurrencies. The crypto world was rocked earlier this week when crypto exchange Finance announced the acquisition of rival FTX, which has been struggling with liquidity problems. It was announced on Wednesday that US authorities are investigating whether FTX handled customer credits properly.

Meta Platforms, behind Facebook, WhatsApp and Instagram, was popular among investors. As expected, the group announced mass layoffs and gained nearly 6 percent. Globally, it accounts for more than 11,000 jobs.

On the macroeconomic front, investors are looking ahead to inflation news on Thursday. The US Federal Reserve has raised interest rates several times to fight inflation. So investors are interested in whether this effect is starting to have an impact.

Tesla closed with a loss of more than 7 percent. CEO Elon Musk has sold nearly $4 billion worth of shares in the electric vehicle maker. The sale comes days after the acquisition of social media giant Twitter. In August, Musk also sold Tesla shares and promised not to sell any more.

The euro was at $1,0001 at the close of trade, down from 1.0089 a day earlier. U.S. oil prices fell 3.5 percent to $85.77 a barrel. Brent crude was down 2.9 percent at $92.56 a barrel.