Posted 10/17/2023, 9:31:00 AM
Wall Street Drops as Yields Rise on Retail Sales; Chipmakers Slide on AI Export Rules
- Wall Street falls as Treasury yields rise following strong retail sales data, chipmakers slide
- U.S. retail sales rose 0.7% in September, exceeding estimates and suggesting economic strength
- Chip stocks drop as U.S. halts AI chip shipments to China; Nvidia down 6.8%
- Bank earnings beat estimates as interest income rises; BofA up 0.5%, Goldman profit drops less than expected
- Fed officials Williams, Barkin and Kashkari set to speak; investors monitor Middle East tensions
