Nasdaq falls 0.15 % as chipmakers extend losses

The Nasdaq Composite fell 0.15% to 27,204.38 on Tuesday, a Reuters market report published by The Star on Oct. 14 said, as chip stocks extended losses.

The move kept pressure on technology shares even as analysts expect S&P 500 third-quarter earnings to surge more than 30%, according to LSEG data cited in the Reuters report.

The PHLX semiconductor index, a Philadelphia Stock Exchange benchmark that tracks major chip stocks, edged down 0.23% on Tuesday. The index has lost more than 8% over five sessions, though it is still up more than 70% for the year.

Broadcom Chief Executive Hock Tan on Monday likened some investment flows into the sector to “casino gambling,” the Reuters report said. The report also cited technological advances by Chinese memory-chip company CXMT as a source of competition concerns.

“A lot of investors are feeling a sense of relief that markets might start looking at earnings and less at the bond market, less at higher-for-longer oil prices and less at high interest rates,” Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, said in the Reuters report.

Micron Technology fell 3.6% on Tuesday, and Applied Materials dropped almost 7%. Broadcom edged up 0.7%, leaving moves inside the semiconductor group mixed even as the broader chip benchmark declined.

Bank earnings offered little support. Citigroup slid 5.6% and Goldman Sachs edged down 0.2% after both banks topped profit estimates, while Wells Fargo fell 3.1% after net interest income missed estimates.

Net interest income is the difference between interest earned and interest paid. JPMorgan Chase ended 0.9% lower after a rare profit miss.

The S&P 500 edged down 0.02% to 7,805.45 on Tuesday, while the Dow Jones Industrial Average declined 0.35% to 51,670.10. The S&P 500 healthcare index fell 1.3%, with Johnson & Johnson down 5.7% despite topping profit estimates.

Apple helped limit pressure on the main indexes. The stock hit an intraday record of $348.15 before closing up 0.1% at $341.27, giving the company a market value of $4.98 trillion.

The broader market remains uneven. The S&P 500 has rallied 14% in 2026, lifted by AI-related technology shares, but the median stock in the index is up less than 5% and more than 200 constituents are down for the year.

Expectations for a strong earnings season have offset worries about the U.S. war with Iran, surging bond yields and inflation tied to high oil prices, Reuters said. The S&P 500 trades at under 19 times expected earnings, the lowest multiple since 2023.

Single-stock moves showed the split. Bumble jumped almost 57% after the dating-app operator agreed to go private in a $1.3 billion deal, while Domino’s Pizza declined 4.8% after scaling back its full-year sales outlook.

Market breadth, a measure of how many stocks rise compared with those that fall, was slightly positive despite the index declines. Advancing issues outnumbered falling ones within the S&P 500 by 1.1 to one, while the index posted 18 new highs and five new lows.

The Nasdaq recorded 47 new highs and 408 new lows. Volume on U.S. exchanges totaled 14.8 billion shares, below the 17.6 billion-share average over the previous 20 sessions.