{"id":3118,"date":"2023-10-19T09:34:23","date_gmt":"2023-10-19T09:34:23","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/sp-500-falls-as-nvidia-slip-rising-yields-overshaddow-quarterly-earnings\/"},"modified":"2023-10-19T09:34:23","modified_gmt":"2023-10-19T09:34:23","slug":"sp-500-falls-as-nvidia-slip-rising-yields-overshaddow-quarterly-earnings","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=3118","title":{"rendered":"S&P 500 falls as Nvidia slip, rising yields overshaddow quarterly earnings"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Investing.com — The S&P 500 fell Tuesday as investor sentiment was soured by Nvidia-led weakness in chip stocks and a jump in Treasury yields following stronger retail sales data that boosted bets on a Fed rate hike by year end.\u00a0<\/p>\n

The fell 0.3% or 100 points, the gained 0.5%, and the\u00a0 fell 0.4%.<\/p>\n

Treasury yields surge as retail sales top estimates<\/h2>\n

Treasury yields continued their surge higher, with the yield on the 2-year treasury rising to a 17-year high after better-than-expected retail sales pointed to ongoing economic strength, suggested the Fed still has more work to do.<\/p>\n

Retail sales rose , markedly beating economists\u2019 forecast for a 0.3% rise. The retail sales control group \u2013 which has a larger impact on U.S. GDP \u2013\u00a0\u00a0\u00a0well above expectations for a 0.1% rise.\u00a0<\/p>\n

While a November rate hike remained low at 10%, the odds of a December hike jumped to 42% from 26% the prior week, according to Investing.com\u2019s Fed Rate Monitor Tool.<\/p>\n

Bank of America impresses on earnings stage, but Goldman falters<\/h2>\n

Bank of America Corp (NYSE:) reported quarterly results that Wall Street, sending its share more than 2% higher.<\/p>\n

Goldman Sachs\u2019 Q3 earnings, however, amid losses from its real investment and Greensky fintech business.<\/p>\n

The bank suffered a $358 million write down on its real estate investment as the sector has come under pressure from a sharp surge in interest rates.<\/p>\n

Johnson and Johnson, Lockheed Martin <\/span><\/span> deliver earnings beat<\/h2>\n

Johnson & Johnson (NYSE:) upgraded its annual guidance on performance after reporting that beat on the top and bottom lines, but the pharmaceutical company\u2019s stock was 1% lower.<\/p>\n

The company now sees annual sales in a range of $83.6 to $84 billion from a prior estimate of $83.2 billion to $84 billion, with adjusted EPS forecast between $10.07 and $10.13 from $10.00 to $10.10<\/p>\n

Lockheed Martin (NYSE:) fell nearly 1% as the defense company\u2019s third-quarter results , though concerns about the impact of delivery delays for its F-35 jets weighed.\u00a0<\/p>\n

Nvidia leads chips lower as U.S. looks to tightened restrictions on chip exports to China<\/h2>\n

NVIDIA Corporation (NASDAQ:) fell more than 5% to lead the broader chip sector lower following a Bloomberg report that the U.S. is restricting the sale of semicondutors that the chipmaker designed for the Chinese market.<\/p>\n

The tighter restrictions would now include Nvidia\u2019s A800 and H800 chips, the lower performance GPUs, that Nvidia devised after the initial U.S. exports last October.<\/p>\n

The expanded curbs come as the U.S. aims to curb loopholes that allowed Chinese firms to evade export controls introduce last year by routing chip shipments through other nations.<\/p>\n

Nvidia said, however, that it doesn\u2019t expect a \u201cnear -term meaningful impact\u201d from the expanded exports curbs on its financial results.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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