US equity indexes mixed as tech slumps offset banking earnings

US equity indexes closed mixed on Tuesday as weakness in semiconductor stocks offset gains elsewhere, following a batch of quarterly results from major banks that failed to lift broader risk sentiment. The Nasdaq Composite fell 0.1% to 27,225.9, and the Dow Jones Industrial Average slipped 0.2% to 51,736.4. The S&P 500 rose 0.1% to 7,811.2, recovering from earlier losses in the session.

Technology names drove the decline among large-cap stocks. According to data compiled by Finviz, six of the bottom 10 stocks with market capitalizations exceeding $200 billion were technology firms. Micron Technology (MU) fell 5%, becoming one of the worst performers in the mega-cap category. The drop followed media reports that China's CXMT claimed a breakthrough in DRAM technology and planned to launch a new 4F2 data center chip design by year-end. Applied Materials (AMAT) posted the steepest decline in this group, down 6.9%. The company opened a new $5 billion semiconductor research and development center at its Sunnyvale, California, campus, aiming to accelerate the development and commercialization of chipmaking technologies for artificial intelligence. The iShares PHLX Semiconductor Exchange-Traded Fund (SOXX) was heading toward its sixth consecutive day of declines.

Banking results delivered mixed signals for investors. Wells Fargo (WFC) shares slid 2.3% after the lender missed third-quarter revenue consensus estimates. Citigroup (C) reported third-quarter results that beat consensus, supported by double-digit revenue growth in its services and wealth segments. The bank also raised its net interest income outlook, yet its shares dropped 4.5%. Goldman Sachs (GS) rose 0.4% after reporting third-quarter earnings and net revenue above consensus estimates. JPMorgan Chase (JPM) reported third-quarter earnings that were up from a year earlier but below market expectations; its shares traded 0.1% higher.