US Stocks Hold Mixed Momentum
US stock futures were mixed for a second session on Tuesday as markets assessed the outlook for AI infrastructure companies and the start of bank earnings. Contracts on the S&P 500 were flat, balancing the combination of a 0.6% gain for the Dow and a 0.6% drop for the Nasdaq 100. Chip producers extended yesterday's slump on signs that China's CXMT made progress on a new memory architecture that could threaten Korean and US rivals. On top of that, Broadcom CEO Hock Tan warned against exaggerated investments in AI labs that may not deliver returns. Micron, Marvell, and SanDisk sank more than 4%. In turn, Goldman Sachs jumped 2.5% after reporting strong results from equity traders. Also, Visa was slightly higher after receiving approval from China to establish a local card and clearing business. On the other hand, JPMorgan slumped 3% after posting a rare earnings miss on weaker fixed-income trading and rising expenses, although the holding group raised its net interest income forecast.
US stock futures were mixed for a second session on Tuesday as markets assessed the outlook for AI infrastructure companies and the start of bank earnings. 6% drop for the Nasdaq 100. Chip producers extended yesterday's slump on signs that China's CXMT made progress on a new memory architecture that could threaten Korean and US rivals. On top of that, Broadcom CEO Hock Tan warned against exaggerated investments in AI labs that may not deliver returns.
Micron, Marvell, and SanDisk sank more than 4%. 5% after reporting strong results from equity traders. Also, Visa was slightly higher after receiving approval from China to establish a local card and clearing business. On the other hand, JPMorgan slumped 3% after posting a rare earnings miss on weaker fixed-income trading and rising expenses, although the holding group raised its net interest income forecast.