Nasdaq ends down as chipmakers fall and bank earnings roll in
SPY•The Nasdaq fell 0.15% and the Dow lost 0.35%, while the S&P 500 slipped 0.02%. Chip stocks extended losses as investors assessed mixed bank earnings; analysts see S&P 500 third-quarter earnings rising more than 30%.
1. Indexes end lower
The Nasdaq ended down 0.15% at 27,204.38 on Tuesday, the Dow fell 0.35% to 51,670.10 and the S&P 500 slipped 0.02% to 7,805.45. Investors weighed chipmaker losses and quarterly results from major U.S. banks.
2. Chip stocks retreat
The PHLX chip index fell 0.23%, its fifth consecutive decline. Micron Technology lost 3.6% and Applied Materials dropped nearly 7%, while Broadcom rose 0.7%. Reports of technological advances by Chinese memory chip company CXMT added to concerns about competition. The chip index has fallen more than 8% in five sessions but remains up over 70% year to date.
3. Earnings in focus
Citigroup fell 5.6% and Goldman Sachs lost 0.2% despite topping profit estimates. Wells Fargo declined 3.1% after net interest income missed estimates, and JPMorgan Chase fell 0.9% following a profit miss. Analysts see S&P 500 third-quarter earnings rising more than 30%, fueled largely by AI-related technology companies.
