Dow Drops Over 300 Points

U.S. equity markets were under pressure Wednesday morning as investors digested an onslaught of earnings reports ahead of the Federal Reserve's first interest rate decision of the year.

The Dow Jones Industrial Average fell by 357 points, or 1.16%, while the S&P 500 and the Nasdaq Composite were down 1.26% and 1.38%, respectively.

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Looking at stocks, Dow component Boeing Co. lost a record $11.9 billion in 2020 as the company’s bottom line suffered due to the pandemic and the grounding of the 737 Max jet. The planemaker said the debut of its 777X jet would be delayed again until late 2023.

Elsewhere in the Dow, Microsoft Corp.'s quarterly profit rose more than 30% year over year as the COVID-19 pandemic drove demand for its cloud-based products and video games. Both earnings and revenue were ahead of Wall Street estimates.