Nasdaq slips as semiconductor stocks tumble and banks report mixed earnings
The Nasdaq closed lower on Tuesday, pressured by a slide in chip stocks and mixed quarterly results from major U.S. banks.
On Tuesday the Nasdaq finished modestly down as semiconductor shares added to recent losses and investors digested mixed bank earnings. The PHLX Semiconductor Index fell for the fifth consecutive day after Broadcom chief Hock Tan compared some investment flows to casino betting, and reports of advances by Chinese memory chip producer CXMT heightened competition concerns. Micron dropped 3.6% and Applied Materials fell nearly 7%, while Broadcom rose modestly.
In banking, Citigroup and Goldman Sachs exceeded profit expectations, yet Wells Fargo slipped 3.1% after net interest income fell short, and JPMorgan Chase declined 0.9% following an uncommon profit miss. Apple briefly hit an intraday high of $348.15 before ending slightly up, and analysts expect Q3 earnings to surge over 30% driven largely by AI-related firms.
Why it matters
The moves reflect how chip sector volatility and bank earnings shape broader market sentiment.
How this story developed
- Oct 2 Seoul market slips modestly as US stocks close higher
- Oct 5 Analysts expect Samsung Electronics to post operating profit of about 108 trillion won, driven by strong memory chip sales.
- Oct 8 Samsung disclosed a third‑quarter operating profit of 107.4 trillion won.
- Oct 8 The market recorded a third straight day of losses.
- Oct 13 The decline continued a multi‑day slide in the index.
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