Wall Street slipped on Wednesday, weighed down by Netflix's underwhelming outlook, which dampened sentiment as investors braced for Tesla's results due after the closing bell and sifted through a wave of corporate reports.

The Dow touched an intraday record high while the Nasdaq slipped as investors focused on a wave of quarterly earnings while remaining vigilant about US-China trade tensions.

Netflix Inc. (NFLX.O) missed Wall Street's third-quarter profit projections due to an unexpected tax bill in Brazil.

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Gold prices in us fell another 2.1% on Wednesday morning after a 5% drop on Tuesday, while Netflix shares dropped 6% on earnings miss and Brazil tax dispute.

The share price of streaming giant Netflix dropped by 7% as the company reported disappointing third-quarter earnings and blamed a Brazilian tax dispute.

NEW YORK (AP) — U.S. stocks and the price of gold fell on Wednesday, as momentum on Wall Street reverses. The S&P 500 sank 0.5%, though it’s still within 1% of its all-time high set earlier this month. The Dow Jones Industrial Average dropped 334 points, or 0.7%, from its record set the day before, while the Nasdaq composite fell 0.9%.

Netflix's $120 billion stock market rally this year faces a crucial test on Tuesday: proving that its costly investments into advertising and video gaming can support the growth that made the streaming pioneer a Wall Street darling.