[Wall Street] Third-quarter earnings season opens as all three indexes fall; only memory stocks lag among semiconductors

[Financial News]  

All three major U.S. stock indexes fell on the 13th (local time), though their losses were limited.
As major banks including JPMorgan, Goldman Sachs and Citigroup reported quarterly results that day, kicking off the third-quarter earnings season in earnest, investors initially stayed on the sidelines.
Semiconductor stocks managed to pare their losses late in the session despite weakness in memory shares. NVIDIA, the sector leader, closed up 1%.

The Dow Jones Industrial Average closed at 51,670.04, down 180.51 points (0.35%) from the previous session. It posted the biggest loss of the three major indexes.
Johnson & Johnson (J&J), which reported quarterly results that day, plunged 5.73%, dragging the index lower. Merck and Caterpillar also tumbled 2.39% and 3.33%, respectively, while JPMorgan fell 0.86%.
The broad-market S&P 500 staged a late-session rebound at one point but ultimately closed lower. It ended slightly down at 7,805.45, a loss of 1.79 points (0.02%).
The tech-heavy Nasdaq finished at 27,204.38, down 41.52 points (0.15%).
The Nasdaq 100, made up of 100 large-cap tech stocks, fell 95.22 points (0.31%) to 30,569.48. TQQQ, a leveraged exchange-traded fund (ETF) that tracks three times the index’s daily moves, closed at $78.81, down $0.80 (1.00%).

Semiconductor stocks were mixed. Non-memory stocks fared reasonably well, but memory stocks struggled.
Sector leader NVIDIA closed at $228.52, up $2.20 (0.97%), while Intel finished at $102.81, up $1.46 (1.44%).
Broadcom ended the session at $357.31, up $2.58 (0.73%), and AMD closed at $605.53, up $11.29 (1.90%).
By contrast, memory leader Micron plunged $35.82 (3.62%) to $953.22, while SK Hynix’s American depositary receipt (ADR) slid $5.17 (3.19%) to $157.06.
Thanks to gains in non-memory stocks, the leveraged ETF SOXL, which tracks three times the daily moves of 30 major semiconductor stocks, held up relatively well, closing at $127.63, down $0.77 (0.60%).

Big tech stocks remained mixed.
Meta Platforms, which unveiled a new artificial intelligence (AI) model, “Muse Wonder,” the previous day, raising hopes of generating profits through AI, extended its gains for a second straight session. It surged $19.54 (2.63%) to $762.50 that day.
Alphabet edged up $1.06 (0.30%) to $353.78, while Apple gained $0.30 (0.09%) to $341.27, both closing slightly higher.
Microsoft (MS) also ended the session up $2.30 (0.43%) at $543.45.
By contrast, Elon Musk’s Tesla and SpaceX struggled. Tesla fell $2.80 (0.74%) to $375.23, while SpaceX sank $6.88 (4.21%) to $156.54.
Palantir also finished at $208.67, down $0.33 (0.16%).
[email protected] Song Gyeong-jae Reporter