US equity indexes declined as semiconductor stocks fell sharply, offsetting mixed quarterly results from major banks. The Nasdaq Composite dropped 0.1% to 27,226.5, while the S&P 500 slipped less than 0.1% to 7,803.1. The Dow Jones Industrial Average fell 0.3% to 51,682.3.
Technology stocks drove the market lower, with as many as seven of the bottom 10 mega-cap names in the sector, according to Finviz data. Micron Technology led the declines among companies with market capitalizations exceeding $200 billion, falling 5.2%. This drop followed media reports that China's CXMT claimed a breakthrough in DRAM technology and announced a new 4F2 data center chip design scheduled for launch by year-end.
The iShares PHLX Semiconductor ETF (SOXX) fell 2.1% after midday, marking its sixth consecutive day of losses.
Banking results presented a mixed picture. Wells Fargo shares slid 1.8% after the lender missed third-quarter revenue consensus estimates. Citigroup shares dropped 3.5% despite beating consensus on third-quarter results, supported by double-digit revenue growth in its services and wealth segments and a raised net interest income outlook. In contrast, Goldman Sachs shares rose 0.7% after reporting third-quarter earnings and net revenue above consensus estimates. JPMorgan Chase shares traded 0.3% higher following third-quarter earnings that were up from a year earlier but below market expectations.