13.10.202611:49:50UTC+00US Stocks Hold Mixed Momentum

US stock futures were mixed for a second straight session on Tuesday as investors weighed the outlook for AI infrastructure companies and the kickoff of bank earnings season. S&P 500 futures were little changed, offsetting a 0.6% advance in Dow futures against a 0.6% decline in Nasdaq 100 contracts.

Chipmakers extended the previous session’s losses after signs that China’s CXMT has made progress on a new memory architecture that could challenge Korean and US competitors. Sentiment was further pressured after Broadcom CEO Hock Tan cautioned against inflated capital spending on AI labs that may fail to generate adequate returns. Shares of Micron, Marvell, and SanDisk each fell more than 4%.

In contrast, Goldman Sachs climbed 2.5% after reporting robust performance from its equity trading division. Visa edged higher after winning approval from Chinese regulators to set up a domestic bank card and clearing business.

Meanwhile, JPMorgan dropped 3% following a rare earnings miss, weighed down by softer fixed-income trading revenue and higher expenses, even as the bank raised its forecast for net interest income.