Stocks Hold Near Flat as Bank Results Offset Chip Selloff
U.S. equities were roughly unchanged in late-morning trading after an overnight semiconductor slump, with large technology companies helping contain the decline. Major bank earnings were mixed: JPMorgan and Wells Fargo weakened on revenue or net interest income concerns, Citigroup slipped despite beating estimates, and Goldman Sachs rose on strong equities trading. Health care lagged while energy outperformed, and September existing-home sales increased 1.5% with the median price setting a record for that month.
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The major indexes were little changed in late morning: the Dow eased about 20 points, the S&P 500 and Nasdaq were nearly flat, and the Russell 2000 lost 0.37%. Overnight, Nasdaq futures had fallen roughly 0.6% on chip weakness, while South Korea’s Kospi plunged 6.25% on concerns that China’s CXMT is narrowing the memory gap. Semiconductor shares retreated only modestly, as large technology names helped cushion the market.
Bank results were mixed. JPMorgan missed on revenue and FICC trading; Wells Fargo dropped more than 2% despite an earnings beat as net interest income and revenue fell short; Citigroup lost 1.5% even after beating estimates; Goldman Sachs gained 1% on strong equities trading. Health care lagged, energy outperformed, and September existing-home sales rose 1.5% to a 3.99 million annual rate, with a record September median price of $417,500.
Count expanded: First para: The(1) major2 indexes3 were4 little5 changed6 in7 late8 morning:9 the10 Dow11 eased12 about13 20 14 points,15 the16 S&P17 50018 and19 Nasdaq20 were21 nearly22 flat,23 and24 the25 Russell26 2000 27 lost28 0.37%.29 Overnight,30 Nasdaq31 futures32 had33 fallen34 roughly35 0.6%36 on37 chip38 weakness,39 while40 South41 Korea’s42 Kospi43 plunged44 6.25%45 on46 concerns47 that48 China’s49 CXMT50 is51 narrowing52 the53 memory54 gap.55 Semiconductor56 shares57 retreated58 only59 modestly,60 as61 large62 technology63 names64 helped65 cushion66 the67 market.68
Second: Bank1 results2 were3 mixed