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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 came off its lows of the afternoon, but still missed breakeven 41.68 points to 49,150.31
The S&P 500 index subtracted 36.71 points to 6,927.03.
The NASDAQ weakened 238.12 points, or 1%, to 23,471.75.
Tech bogged down the broader market. Chip stocks in particular suffered losses, as Broadcom lost 5%, Nvidia was negative 2% and Micron Technology shed 1%.
On Wednesday, 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%.
Stocks were lower even after delayed producer price index and retail sales data for November came in solid.
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 faded $1.26 to $59.89 U.S. a barrel.
Gold prices recovered $39.90 to $4,639.
