US Stocks Slip Amid Semiconductor Weakness
US stock indices closed lower on Tuesday as many semiconductor heavyweights extended their recent losses. The S&P 500 ended near the flatline, while the Dow shed 180 points and the Nasdaq fell 0.3%. China’s CXMT advanced a new memory architecture, threatening US and South Korean rivals. Broadcom CEO Hock Tan also warned that excessive AI lab spending could deliver poor returns, sending Micron (-4.6%), SanDisk (-1.7%), Lam Research (-3.2%) and Applied Materials (-7.2%) lower. Meanwhile, Johnson & Johnson sank 5.6% on weaker sales, while UnitedHealth gained edged 0.3% lower despite upgrading its profit outlook. Financial stocks posted mixed results. Citigroup fell 5.3% despite strong revenue, and Wells Fargo slipped 2.6% following its earnings report. Goldman Sachs shed 0.1% despite stronger equity-trading revenue, while JPMorgan edged 0.3% lower as weaker fixed-income trading and higher costs offset an increase in its net interest income forecast.
US stock indices closed lower on Tuesday as many semiconductor heavyweights extended their recent losses. 3%. China’s CXMT advanced a new memory architecture, threatening US and South Korean rivals. 2%) lower.
3% lower despite upgrading its profit outlook. Financial stocks posted mixed results. 6% following its earnings report. 3% lower as weaker fixed-income trading and higher costs offset an increase in its net interest income forecast.