13.10.202615:29:14UTC+00US Stocks Erase Gains

US equity benchmarks retreated from their intraday highs on Tuesday as Treasury yields reversed earlier declines, pressuring AI infrastructure stocks and shaping the market’s response to a fresh wave of earnings. Semiconductor names extended their selloff following reports that China’s CXMT has made strides in next-generation memory architecture, heightening competitive risks for US and South Korean chipmakers. Sentiment was further dampened after Broadcom CEO Hock Tan cautioned that AI lab spending has become excessive and is generating weak returns, driving Micron, Marvell, and SanDisk shares down by 4% to 6%.

In the healthcare sector, Johnson & Johnson dropped 5.5% after reporting softer-than-expected sales, while UnitedHealth Group climbed 2% on the back of an upgraded profit outlook. Financials delivered a mixed picture: Citigroup slipped 2% despite strong revenue figures, and Wells Fargo declined 1.4% following its earnings release. By contrast, Goldman Sachs advanced 1%, supported by robust equity trading performance. JPMorgan added 1.5% as an improved net interest income forecast helped offset weaker fixed-income trading and higher operating costs.