Stocks moved lower on Wednesday for a second day, pulling back further from record levels, as traders digested a fresh batch of earnings and monitored geopolitical developments.
The Dow Jones Industrials dived 268.86 points to 48,923.13
The S&P 500 index tumbled 67.7 points, or 1%, to 6,896.04.
The NASDAQ weakened 343.77 points, or 1.5%, to 23,366.10.
Tech bogged down the broader market. Chip stocks in particular suffered losses, as Broadcom dropped 5%, Nvidia lost 2%, and Micron
Technology shed 1%.
The moves came after Reuters reported that Chinese customs authorities have advised customs agents that Nvidia’s H200 chips are not permitted to enter the country.
Wells Fargo was among the laggards in the session, falling more than 5% after the company posted weaker-than-expected revenue for the fourth quarter.
Bank of America and Citigroup were lower despite their results beating consensus estimates, as traders didn’t view them as strong enough to continue supporting a market trading near record highs.
That adds to their losses for the week in the wake of President Donald Trump’s call for credit card interest rate reform that he made on Friday. Bank of America is down roughly 7% week to date, while Citigroup and Wells Fargo have both fallen about 8%.
Prices for the 10-year Treasury inched up, lowering yields to 4.14%, from Tuesday’s 4.17%. Treasury prices and yields move in opposite
directions.
Oil prices advanced 52 cents to $61.67 U.S. a barrel.
Gold prices recovered $24.00 to $4,623.10.
