Chip Stocks Tumble as Market Faces Mixed Earnings Results

Wall Street's major stock indexes declined, led by a sell-off in technology stocks, particularly within the chip sector due to weak demand concerns. Energy shares dropped alongside falling oil prices. Earnings reports showed mixed results, with financial services performing better than expected but struggles seen in the health sector.

Wall Street's major stock indexes faced declines on Tuesday, with the Nasdaq leading the drop, notably hit by a sell-off in chip stocks amid weak demand fears. Energy shares also fell as oil prices decreased.

Nvidia, a notable player in the AI chip market, saw its shares decline following a record-high close. This came amid reports that the Biden administration may limit AI chip exports by U.S. firms. Additionally, ASML Holdings' poorer-than-expected sales projections impacted the semiconductor index negatively.

While around equal numbers of stocks gained as lost on the Nasdaq, energy shares were hit by falling crude prices due to speculation that Israel would not target Iranian oil. Meanwhile, tech stocks showed mixed results, with Apple advancing despite the broader decline in the sector.

(With inputs from agencies.)