Bank Earnings Lift Financials as Semiconductor Shares Retreat
JPMorgan and Goldman shares rose after quarterly results, while a broad chip-sector sell-off weighed on technology stocks.
Key takeaways
- Financials led Dow gains after JPMorgan and Goldman reported quarterly results.
- Chip stocks fell, led by Micron and SK Hynix.
Stocks were mixed in early Tuesday trading as bank earnings lifted financial shares and semiconductor stocks extended losses. JPMorgan and Goldman Sachs shares rose after the banks reported quarterly results, and financials led gains on the Dow Jones Industrial Average.
Technology shares declined as chip makers sold off globally. Micron and SK Hynix led the losses, while Nvidia and AMD also fell. Microsoft extended gains from the prior session after unveiling its latest AI chip.
The 10-year Treasury yield hovered near 5.21%. Brent crude fell to $105 a barrel, while West Texas Intermediate traded below $92.
This article was produced with the help of AI technology. Source: Yahoo Finance
