Wall Street Extend Fall, Technology & Banks Weighing Down
US stocks fell again for a second session on Wednesday, retreating from record levels as investors digested the start of the earnings season, mixed economic data, and heightened geopolitical risks.
The S&P 500 index fell about 0.5%, the Nasdaq fell the most, about 1%, while the Dow Jones Industrial Average fell slightly by about 42 points. The main pressure came from technology stocks, particularly the chip sector, after reports emerged that Chinese authorities were restricting some US-made chips and cybersecurity software. Broadcom fell 4.1%, Nvidia 1.5%, and Micron 1.4%—damaging market sentiment.
The financial sector also struggled to recover. Wells Fargo plunged 4.5% after weak earnings, while Bank of America (-3.8%) and Citigroup (-3.3%) also declined despite earnings beating expectations. The market assessed additional risks from President Trump's talk of capping credit card interest rates. On the data front, tamer wholesale inflation and solid retail sales provided only limited support—with markets still viewing the Fed as likely to hold interest rates in the near term.
Source: Newsmaker.id
