US Stocks Erase Gains
US stock indices pulled back from session highs on Tuesday as Treasuries reversed gains and pressured AI infrastructure names alongside major earnings. Chipmakers extended declines on reports that China's CXMT advanced new memory architecture, threatening US and Korean rivals. Broadcom CEO Hock Tan also warned of excessive AI lab spending yielding poor returns, sending Micron, Marvell, and SanDisk down 4% to 6%. In turn, J&J sank 5.5% on soft sales, while UNH gained 2% on an upgraded profit outlook. Financials saw uneven results, with Citigroup falling 2% despite posting strong revenues and Wells Fargo slipping 1.4% after publishing results. On the other hand Goldman Sachs jumped 1% on a boost from equity trading. JPMorgan rose 1.5% as a raised net interest income forecast offset weaker fixed-income trading and higher costs.
US stock indices pulled back from session highs on Tuesday as Treasuries reversed gains and pressured AI infrastructure names alongside major earnings. Chipmakers extended declines on reports that China's CXMT advanced new memory architecture, threatening US and Korean rivals. Broadcom CEO Hock Tan also warned of excessive AI lab spending yielding poor returns, sending Micron, Marvell, and SanDisk down 4% to 6%. 5% on soft sales, while UNH gained 2% on an upgraded profit outlook.
4% after publishing results. On the other hand Goldman Sachs jumped 1% on a boost from equity trading. 5% as a raised net interest income forecast offset weaker fixed-income trading and higher costs.