Stocks Tue Oct 13 12:07 Bloomberg
Wall Street barely moved: banks did well, chip stocks did not
What happened
US stocks were little changed on Tuesday, according to Bloomberg, even as the selloff in chipmakers deepened. Traders were sorting through generally strong results from JPMorgan Chase, Goldman Sachs and other lenders, which marked the start of the third-quarter corporate earnings season.
Why it matters
If you own an index fund or an ETF that follows the S&P 500, a day like this shows how one group of companies can pull one way while another pulls the opposite way. When a sector carries a lot of weight in an index, its drops are felt across the whole index, even on a day when other companies report good numbers. Earnings season matters because it is when companies show whether their profits back up their stock prices.
Market impact
The S&P 500 held firm despite the deepening chip selloff, and that is the only market reaction the source describes. Bloomberg does not say whether the slide in chipmakers will continue, so it is too early to tell what comes next.
Learn more
Why the S&P 500 goes up or down Read the lesson →Words in this story: S&P 500, Earnings (profits)