After reaching record highs yesterday, major U.S. indexes declined at midday Tuesday as investors reacted to the latest earnings reports and concerns about the chip industry. The Dow, S&P 500, and Nasdaq were all lower.
UnitedHealth Group (UNH) shares slumped after the insurer lowered its full-year profit outlook as medical costs rose and government reimbursements declined.
Shares of Citigroup (C) dropped after the bank’s third-quarter profit fell as its credit losses and reserves to cover bad loans increased.
Nvidia (NVDA) shares slid following reports the Biden administration is considering limiting the export of artificial intelligence (AI) chips to some countries. Shares of semiconductor equipment maker ASML (ASML) also tumbled after releasing its results early. The news weighed on other semiconductor stocks as well.
Walgreens Boots Alliance (WBA) shares advanced as the pharmacy and health care chain posted strong results and announced a turnaround planthat includes closing 1,200 …