Wall St edges lower as chips fall; markets assess big bank earnings
SPY•The S&P 500 and Nasdaq slipped 0.12% and 0.14%, respectively, as chip stocks fell and investors assessed mixed bank earnings. The Dow lost 0.34%.
1. Indexes edge lower
The S&P 500 and Nasdaq inched lower Tuesday as chip stocks came under selling pressure and investors parsed quarterly results. At 12:23 p.m. ET, the Dow was down 0.34%, the S&P 500 0.12% and the Nasdaq 0.14%.
2. Chip stocks retreat
Micron Technology fell 4.6%, while Western Digital and Seagate slipped between 1% and 2%. Reports of technological advances by China’s CXMT raised concerns about competition, while Broadcom CEO Hock Tan had likened some investment flows into the sector to “casino gambling.” Apple reached a record high and Microsoft rose 0.9%.
3. Bank results mixed
Citigroup fell 3.4% and Goldman Sachs rose about 0.5% after both topped profit estimates. Wells Fargo declined 1.5% after net interest income missed estimates, while JPMorgan Chase swung between gains and losses after a rare profit miss.
