(Updated with index/price movements, macroeconomic data and company news from the first paragraph). US stock indices fell following the collapse of semiconductor companies and the lack of mixed quarterly results from large banks, which failed to boost optimism in the market. The Nasdaq Composite fell 0.1% to 27,226.5 points; the S&P 500 fell less than 0.1% to 7,803.1 points; and the Dow Jones Industrial Average fell 0.3% to 51,682.3 points. Among stocks with a market capitalization greater than $200 billion, up to seven of the ten worst performers were in the technology sector, according to data compiled by Finviz. Micron Technology (MU) was the third company with the biggest drop in this mega-cap category, with a decline of 5.2%, after the media reported that the Chinese company CXMT had made significant progress in DRAM technology and a new 4F2 data center chip design would be released by the end of the year. Applied Materials (AMAT) was the company with the biggest drop, down 8.1%. The company opened its new $5 billion semiconductor research and development center at its Sunnyvale, California, campus to accelerate the development and commercialization of AI chip manufacturing technologies. The iShares PHLX Semiconductor ETF (SOXX) fell 1.3% after mid-day trading, its sixth consecutive day of declines. In banking news, Wells Fargo (WFC) shares fell 1.7% after the bank Citigroup (C)’s third-quarter results beat expectations, driven by double-digit revenue growth in the services and wealth management segments, while the banking giant raised its net interest income forecast. However, its shares fell 3.6%.Goldman Sachs (GS) rose 0.3% after reporting third-quarter earnings and net income above expectations estimates.JPMorgan Chase (JPM) reported third-quarter earnings above a year ago, but below market expectations. Its shares rose 0.3%. In economic news, Redbook’s US comparable sales rose more than 10% year over year in the week ending October 10, following an 8.6% increase the week before. Redbook said promotions launched to compete with Amazon’s Prime Day deals prompted shoppers to stock up on essentials and begin their holiday shopping. According to data from the National Association of Realtors (NAIR), existing home sales in the US rose 1.5% in September, reaching an annual rate of 3.99 million, up from 3.93 million in August. This figure contrasts with the 3.95 million recorded in a survey compiled by Bloomberg. Sales still remain 2.2% below the previous year. The monthly National Federation of Independent Business (NFIB) Small Business Optimism Index (EPSB) fell to 97.9 in September, from 98.7 in August, and was also below the previous year’s 98.8. “Small business optimism remained near the long-term average in September, as small business owners continue to feeling uncertain about market conditions,” said Bill Dunkelberg, chief economist at the NFIB. “Small business owners are proceeding cautiously as they consider how rising costs, interest rates, and difficulty finding qualified employees are affecting their businesses.” The International Monetary Fund (IMF) has forecast that the U.S. economy will grow 2.3% this year and next. The outlook for this year remains unchanged from July. The IMF had previously forecast a 2.2% growth rate for 2027. US Treasury yields were mixed, with the two-year yield rising 2.3 basis points to 4.81%, while the 10-year yield fell 1.7 basis points to 5.23%. The West Texas Intermediate (WTI) crude oil contract for immediate delivery rose 0.6% to $94.29 per barrel, and global benchmark Brent crude fell 0.6% to $105.98 per barrel. Gold futures fell 0.3% to $4,174.5, and silver futures fell 1.9% to $59.38.
Source: es.finance.yahoo.com
