Business · Markets · 4 hrs ago
Nasdaq slips as chip stocks fall and US banks report mixed earnings
The Nasdaq fell 0.15% on Tuesday as chip stocks continued to lose ground.
The declines came as investors weighed mixed earnings from major US banks, including Citigroup, Goldman Sachs, Wells Fargo and JPMorgan Chase.
Chip shares have been under pressure for five straight sessions, amid concerns about competition from China's CXMT and after Broadcom's chief executive compared some sector investment to casino gambling.
Even so, the chip index remains up more than 70% this year, and the S&P 500 has gained about 14%, led by AI-related technology stocks.
Strong earnings expectations have supported the market, with analysts expecting S&P 500 third-quarter profits to rise more than 30%, largely because of technology companies tied to artificial intelligence.
The S&P 500 ended nearly unchanged, while the Dow fell 0.33%; investors are also watching worries over the war with Iran, bond yields and oil-driven inflation.
Investors will continue assessing company earnings as results come in.
The Nasdaq fell 0.15% on Tuesday as chip stocks extended recent losses and investors assessed mixed results from major US banks.
Concerns about competition from Chinese chipmakers weighed on some semiconductor shares.
JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo reported mixed financial results.
The Dow also closed lower, while the S&P 500 ended nearly unchanged.
Reports gave slightly different closing index levels and varied on some bank share moves.
- Who
- US investors, major banks and semiconductor companies.
- What
- The Nasdaq fell as chip stocks weakened and investors assessed mixed bank results.
- When
- Tuesday, October 13, 2026.
- Where
- US stock markets.
- Why
- Chip shares faced pressure amid recent losses and competition concerns, while investors weighed bank earnings and geopolitical uncertainty.
This story does not have two clearly opposing sides.
Broadcom CEO Hock Tan compared some investment flow into the chip sector to casino gambling.
Major US banks reported mixed quarterly results as investors assessed their earnings.
The Nasdaq closed down 0.15%, while the S&P 500 was nearly unchanged and the Dow fell.
- Nasdaq
- Down 0.15%; reported closing levels ranged from 27,203.53 to 27,204.38
- PHLX chip index
- Fell for a fifth straight session
- JPMorgan Chase
- Profit and revenue were below expectations
- Wells Fargo
- Profit exceeded expectations, but revenue fell short
- Micron Technology
- Shares fell 3.6%, according to Ekonomim and Dünya
- S&P 500
- Reported closing levels ranged from 7,805.45 to 7,805.83
5 sources
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What people are saying
A lot of investors are feeling a sense of relief that markets might start looking at earnings and less at the bond market, less at higher-for-longer oil prices and less at high interest rates
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I still believe disinflationary forces are at work. My inflation forecast for next year is that inflation will decline significantly.