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    Home » US stocks higher as chip stocks steady; banks continue to roll out earnings By Investing.com
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    US stocks higher as chip stocks steady; banks continue to roll out earnings By Investing.com

    userBy userOctober 16, 2024No Comments2 Mins Read
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    Investing.com — U.S. stocks were mostly higher Wednesday following a rout the previous day as chip stocks steadied and Wall Street continued to roll out quarterly earnings.  

    At 3:35 p.m. ET (19:35 GMT), the rose 337 points, or 0.8%, while added 0.5%, and gained 0.3%.

    Morgan Stanley continues upbeat earnings from banks  

    Morgan Stanley (NYSE:) stock rose more than 6% after the lender’s profit surpassed estimates on a bumper third quarter for investment banking that had also buoyed rivals.

    This rounded off the numbers from the sector, following largely positive earnings from the likes of Goldman Sachs (NYSE:), Citigroup (NYSE:) and Bank of America (NYSE:). 

    Beyond the banks, Abbott Laboratories (NYSE:) rose 2% after the company slightly lifted its annual profit forecast, after beating Wall Street estimates for quarterly earnings on strong sales of its medical devices including its glucose-monitoring products.

    United Airlines (NASDAQ:) stock rose 14% after the carrier reporting third-quarter earnings ahead of expectations and announcing a new $1.5 billion share repurchase program.

    Chip stocks steady but tech struggle continues  

    Tech stocks were in the red Wednesday as a rebound in chip stocks following an ASML (NASDAQ:)- led rout was offset by weakness in Microsoft (NASDAQ:) and Apple (NASDAQ:). 

    ASML (AS:) fell more than 5% adding to its losses from a day earlier when the chip equipment maker cut its 2025 sales forecast, triggering concerns about softer AI demand.  

    Chipmakers were also rattled by a report suggesting the U.S. government was considering limiting sales of AI-related chips to certain countries – a scenario that heralds weaker sales.

    Novavax slumps as FDA pauses combo flu-COVID vaccine trial

    Novavax Inc (NASDAQ:) fell more than 19% after the U.S. Food and Drug Administration paused the company’s trial of an experimental COVID-flu vaccine combination.  





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