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US stock indices finished lower on Tuesday as several major semiconductor names extended recent declines. The S&P 500 closed near the flatline, while the Dow Jones Industrial Average fell 180 points and the Nasdaq Composite lost 0.3%. Sentiment toward chipmakers weakened after China’s CXMT unveiled a new memory architecture seen as a competitive threat to US and South Korean rivals. In addition, Broadcom CEO Hock Tan cautioned that excessive spending by AI labs could lead to poor returns, pressuring the sector and sending Micron down 4.6%, SanDisk 1.7%, Lam Research 3.2% and Applied Materials 7.2%.
In the healthcare sector, Johnson & Johnson dropped 5.6% following weaker-than-expected sales, while UnitedHealth slipped 0.3% even after raising its profit outlook. Financials were mixed. Citigroup declined 5.3% despite posting strong revenue, and Wells Fargo fell 2.6% after releasing its earnings report. Goldman Sachs edged 0.1% lower despite stronger equity-trading income, and JPMorgan Chase dipped 0.3% as softer fixed-income trading and higher expenses offset an upgraded forecast for net interest income.
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