US stocks slip as chip sell-off and bank earnings weigh
Major U.S. indexes closed in the red Tuesday as semiconductor shares dropped again and investors weighed a mixed batch of third-quarter bank results, while swinging oil prices added to the uncertainty ahead of the upcoming consumer inflation report.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
US stock indexes ended lower on Tuesday as chip stocks fell again and investors parsed mixed quarterly results from big banks such as Citigroup, Goldman Sachs and Wells Fargo. Futures had been mixed earlier in the day as the third-quarter bank earnings season kicked off. Volatile oil prices also clouded the market outlook.
Why it matters
The Consumer Price Index report was due next.
Timeline
- Oct 13, 7:24 AM ET: Futures tied to the S&P 500 and Dow were subdued as investors parsed quarterly results from big US banks that kicked off the earnings season.
- Oct 13, 4:13 PM ET: The Nasdaq ended lower as chipmakers fell and mixed earnings from Citigroup, Goldman Sachs and Wells Fargo came in.
- Oct 13, 6:10 PM ET: The stock market ended lower after Q3 earnings from JPMorgan and Goldman Sachs, with the CPI report due next.
More from Business
- Musk pledges SpaceX stock for every American child next year
- Small businesses sue to halt Trump's tariffs on Canadian imports
- Houthi attacks force Saudi Arabia to postpone investor conference
- Bank of America keeps October rate hike call despite markets
- Connecticut man admits losing $1.16M of investor crypto funds
- AI stock selloff keeps markets jittery as CoreWeave debt worries spread