Stocks Dragged Down by Struggles in Chipmakers and Large Tech Companies

Market Performance: The S&P 500, Dow Jones, and Nasdaq are all down today, with significant declines in chipmakers and major tech stocks contributing to the overall market weakness.

Interest Rates and Fed Comments: Higher T-note yields are impacting stocks, with Fed officials indicating a preference to maintain current interest rates due to persistent inflation concerns, reducing the likelihood of a rate cut next month.

Government Shutdown Impact: President Trump signed legislation to end the longest US government shutdown, which is projected to reduce GDP growth by 1.5 percentage points in the current quarter, although some recovery is expected next year.

Earnings Season Highlights: Q3 earnings for S&P 500 companies have exceeded forecasts, with 82% reporting better-than-expected results, marking the best quarter since 2021, while several companies face significant stock declines due to disappointing forecasts.