Wall Street stocks fell on Thursday (October 16th), losing earlier gains as resurgent credit concerns and ongoing US-China trade tensions weighed on sentiment. The S&P 500 and Nasdaq 100 each fell more than 0.7%, while the Dow Jones Industrial Average lost more than 300 points.
Financial stocks led the selloff, with regional banks like Zions Bancorporation (-13%) and Western Alliance (-10.8%) plummeting after reporting substantial loan losses. This decline came despite an early-session rally driven by chipmakers after TSMC raised its full-year revenue forecast and reported a nearly 40% surge in profit, fueling optimism about AI-driven demand.
Major tech and AI stocks showed mixed movements: Apple fell 1.4%, MetaTrader 1.6%, Tesla 2.7%, Amazon 1.1%, while Nvidia rose 0.4%. US-China trade tensions remain high, with Trump stating on Wednesday, "You're in a trade war right now." Meanwhile, the three-week government shutdown continues to delay key economic data, adding to market uncertainty. (alg)
Source: Trading Economics
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