Dow Sinks 500 Points, Banks & Tech Weigh

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US Stock extended sell-off in the afternoon trading, with the Dow Jones plunging 500 points, the S&P 500 and the Nasdaq dropping over 1.6% each. The market was heavily influenced by earnings reports from major banks and escalating tensions in the Middle East. Banking shares took a hit after JPMorgan Chase, Wells Fargo, and Citigroup disclosed that high interest rates had negatively impacted their net interest income. JPMorgan’s stock fell 6% despite beating earnings and revenue expectations, while Wells Fargo’s dropped 0.7% on a 7% decline in profit and Citigroup’s slid 2.3%. BlackRock also fell 1.9% despite a 36% increase in profit. Big tech players like Microsoft (-1.5%), Nvidia (-2.6%), Alphabet (-1.3%) all retreated. AMD (-4.4%) and Intel (-5%) were also affected following reports that China had instructed its major telecom carriers to phase out foreign processors earlier in the year. On the week, the S&P 500 is down 1.6%, the Dow lost 2.5% and the Nasdaq fell by 0.6% so far.

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