Major indices fell on Tuesday as chip stocks declined following the US decision to curb sales of AI chips to China and upbeat economic data. Better earnings reports helped buoy the market, but the new restrictions raised concerns of further escalation.
First Republic Bank's latest earnings report revealed a net loss after customers withdrew $100B in deposits in Q1. Shares fell by as much as 30% on Wednesday, causing the NYSE to halt trading twelve times in one day. The bank is now considering different options to avoid a collapse.
China's manufacturing activity saw its best performance in 11 years, sparking a rise in Asian stocks and commodities. The data showed that the world's second-largest economy is seeing a solid rebound following the lifting covid restrictions.
Today, the US midterm elections start. While the election results affect the US directly, they may also have significant implications for the financial market as a whole. Read more about the US elections’ possible impact on the market.
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