"U.S. Stocks" Geopolitical tensions lead to two consecutive declines in U.S. stocks, with technology and bank stocks under pressure; Nasdaq closes down 1%

Investors are digesting a new round of corporate earnings and economic data while also paying attention to the latest developments in geopolitics. U.S. stocks fell for the second consecutive trading day on Wednesday. Technology stocks were under pressure, with the Nasdaq leading the decline, closing down 238 points or 1% at 23,471 points; the S&P 500 index fell 37 points or 0.5% to 6,926 points, and the Dow Jones Industrial Average dropped 42 points or 0.1% to 49,149 points.

The technology sector dragged down the market, with chip stocks performing particularly poorly. Broadcom (AVGO.US) plummeted 4.2%, and NVIDIA (NVDA.US) reportedly received notification from Chinese customs authorities that its H200 chips would not be approved for entry into China, causing NVIDIA to drop 1.4%. Micron Technology (MU.US) also fell over 1%.

Bank stocks were similarly pressured, with Wells Fargo (WFC.US) reporting fourth-quarter revenue that missed expectations, leading to a 4.6% decline in its stock price. Although Bank of America (BAC.US) and Citigroup (C.US) reported better-than-expected quarterly results, their stock prices both fell by more than 3%