Stock Market Today: Mixed Big Bank Earnings, AI Memory Pressure, AAPL Record High

Marley Kayden (0:00)

Welcome to The Wrap, I'm Marley Kayden, here to take you through today's market action. Stocks fell slightly as earning season kicked off this morning. The S&P fell marginally for a second straight day while the Nasdaq 100 and the Dow each declined about a third of a percent. Energy and communications led while healthcare and financial stocks were the worst performers. As we look at those bank earnings, JPMorgan Chase posted a miss on both the top and bottom lines and declined almost 1%.

Citigroup shares had the worst performance, falling 5.5% despite an earnings beat and a double-digit revenue growth in services and wealth segments. Goldman Sachs dropped a quarter of a percent as the CEO said the IPO market and economy remain in good shape. And Wells Fargo dropped 3% after beating on earnings but missing revenue expectations. Chip equipment and memory stocks were under pressure after South Korea's Cosby benchmark dropped 5.5%, reaching its lowest level since July 31st on valuation concerns in this space along with growing competition out of China. Applied materials fell more than 6% while Micron and SK Hynex dropped 3% each. And Apple hit a new all-time high today after releasing its new home collection. The new offerings include indoor and outdoor cameras, thermostats, temperature sensors, a video doorbell and door lock, a 4K TV and a home view, which is like an iPad device that's designed to be central to home management.

As we look at what to watch for Wednesday, CPI will be released at 8:30 a.m. on the earnings front. Bank of America, BlackRock, Morgan Stanley and ASML report pre-market. That's going to do it for the wrap. I'm Marley Kayden. Remember to tune in 24-7 to schwabnetwork.com and subscribe to our YouTube channel.