Nasdaq ends down as chipmakers fall and bank earnings roll in
The Nasdaq ended lower on Tuesday as chip stocks added to recent losses and investors parsed mixed quarterly results from Citigroup and other big US banks. Chip stocks such as Micron Technology and Applied Materials dropped, while Broadcom rose. Citigroup and Goldman Sachs topped profit estimates, but Wells Fargo and JPMorgan Chase saw declines after missing estimates.
Listen to Live Briefing
Real-time synthesized voice briefing · Live Feeds Desk
- ✓ The Nasdaq ended lower on Tuesday as chip stocks added to recent losses and investors parsed mixed quarterly results from Citigroup and other big US banks.
- ✓ Micron Technology lost 3.6% and Applied Materials dropped almost 7%.
- ✓ Citigroup dipped 5.6% and Goldman Sachs lost 0.2% after both banks topped profit estimates.
- ✓ Wells Fargo fell 3.1% after its net interest income missed estimates, while JPMorgan Chase ended down 0.9% following a rare profit miss.
What changed
The Nasdaq ended lower on Tuesday due to the decline in chip stocks and mixed bank earnings reports.
Live updates
-
Nasdaq ends down as chipmakers fall and bank earnings roll in
The Nasdaq ended lower on Tuesday as chip stocks added to recent losses and investors parsed mixed quarterly results from Citigroup and other big US banks. Chip stocks such as Micron Technology and Applied Materials dropped, while Broadcom rose. Citigroup and Goldman Sachs topped profit estimates, but Wells Fargo and JPMorgan Chase saw declines after missing estimates.
Why it matters
The Nasdaq's decline is attributed to the recent losses in chip stocks and mixed quarterly results from big US banks. The chip sector has been volatile due to concerns about rising competition and the sustainability of the AI boom. The bank earnings reports have been mixed, with some banks topping estimates while others have missed.
What is confirmed
- The Nasdaq ended lower on Tuesday as chip stocks added to recent losses and investors parsed mixed quarterly results from Citigroup and other big US banks.
- Micron Technology lost 3.6% and Applied Materials dropped almost 7%.
- Citigroup dipped 5.6% and Goldman Sachs lost 0.2% after both banks topped profit estimates.
- Wells Fargo fell 3.1% after its net interest income missed estimates, while JPMorgan Chase ended down 0.9% following a rare profit miss.
- The PHLX chip index fell 0.23%, down for a fifth straight session.
Still unconfirmed
- Broadcom CEO Hock Tan likened some of the investment flow into the sector to "casino gambling".
What to watch next
- Upcoming CPI data release
- Further bank earnings reports
- Technological advances by Chinese memory chip company CXMT
confidence 85%Sources used for this update (12)
- CNBC — Stock futures are little changed after mixed session; traders await bank earnings: Live updates
- AP News — South Korea's Kospi index sinks more than 7% on semiconductor share sell-off over AI boom worries
- MarketWatch — Stock Market Today: Dow set to jump as Nasdaq set to retreat with bank earnings; AI trade in spotlight; Kospi slumps
- Reuters — Wall St edges lower as chips fall; markets assess big bank earnings
- Yahoo Finance — S&P 500 Ends Flat, While Nasdaq Drops As Memory Chipmakers Sell Off — BAC, GME, SPCX, ARM, QCOM In Focus
- Investing.com — U.S. stock futures muted after chip losses drag Wall Street; CPI data awaited
- WSJ — U.S. Stocks Tick Down as Bank Earnings Don’t Excite
- finance.yahoo.com — Nasdaq ends down as chipmakers fall and bank earnings roll in
- www.businesstimes.com.sg — Nasdaq ends down as chipmakers fall and bank earnings roll in
- www.straitstimes.com — Nasdaq ends lower as chipmakers fall and bank earnings roll in
- economictimes.indiatimes.com — US stocks: Nasdaq ends down as chipmakers fall and bank ...
- www.kitco.com — Nasdaq ends down as chipmakers fall and bank earnings roll in
Community Sentiment: How do you assess this situation?
Voice your perspective · Real-time aggregated sentiment from the Live Feeds community