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Wall Street Mixed in Early Trading as Big U.S. Banks Report Earnings, Chip Stocks Fall Again
- Wall Street trading remained mixed in premarket on Tuesday as earnings season kicked off with quarterly results from JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs.
- Chipmakers faced renewed pressure Tuesday after reports of technological advances by China's CXMT fueled concerns the memory chipmaker could challenge Samsung Electronics, SK Hynix, and Micron Technology.
- The sell-off pulled South Korea's KOSPI index down 5.5%, while Nasdaq futures dipped as investors sold off chip-related stocks like Nvidia, Broadcom, and Qualcomm.
- Investors moved back into Treasuries, which Charu Chanana, chief investment strategist at Saxo Bank, described as "a tactical rally." Elevated oil prices and sticky inflation remain recovery obstacles.
- Traders widely expect the Federal Reserve to hold interest rates this month, though United States consumer and producer price readings due later this week will face greater scrutiny.
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41 Articles
41 Articles
Chip Selloff Rolls On as Big Bank Earnings Begin
A selloff in chipmakers deepened on concerns about the sustainability of the artificial-intelligence trade, putting pressure on equity markets as Wall Street banks kicked off the earnings season. Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses her S&P outlook and market choppiness. (Source: Bloomberg)
·New York, United States
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Pittsburgh Post-Gazette+5 Reposted by 5 other sources
Strong profit reports from Goldman Sachs and others support Wall Street as chip stocks drop
NEW YORK (AP) — Strong profit reports from Goldman Sachs, UnitedHealth Group and other big U.S. companies are helping to shore up the stock market...
·Pittsburgh, United States
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The S&P 500, on the other hand, is falling, and Nasdaq records slight gains of 0.02%.
·Lisboa, Portugal
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Coverage Details
Total News Sources41
Leaning Left4Leaning Right5Center15Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
L 17%
C 62%
R 21%
Factuality
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