US stocks finished slightly lower on Tuesday as investors assessed mixed earnings from major banks and renewed selling in memory chip stocks ahead of key inflation data.
The Dow Jones Industrial Average fell 180.45 points, or 0.35%, to 51,670.10, reversing an earlier gain of more than 460 points. The S&P 500 edged down 0.02% to 7,805.45, while the Nasdaq Composite slipped 0.15% to 27,204.38.
Major US banks delivered mixed third-quarter results. JPMorgan Chase fell 0.9% after earnings and revenue missed expectations, despite raising its 2026 net interest income guidance. Wells Fargo dropped 3%, while Goldman Sachs edged 0.2% lower despite reporting stronger-than-expected revenue.
Technology stocks also faced pressure following a 5.5% decline in South Korea’s Kospi index amid valuation concerns and growing competition from Chinese chipmakers.
Micron Technology fell more than 3%, SK hynix declined 3% and Western Digital lost 1.6%, although some semiconductor stocks recovered from earlier losses.
Investors now turn to Wednesday’s US consumer price index report, with September inflation expected to rise 0.6% month-on-month, compared with 0.4% in August. The data could influence expectations for the Federal Reserve’s next interest rate decision.
Australian Market Outlook
Australian shares are set to open lower, with S&P/ASX 200 futures down 30 points, or 0.3%, to 8,788. The weaker lead follows a subdued Wall Street session, with mixed US bank earnings and renewed concerns about technology valuations weighing on sentiment. Attention will remain on US inflation data due later on Wednesday, with a stronger-than-expected reading potentially adding pressure to global bond yields and reinforcing expectations that US interest rates will remain elevated.
