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1h ago

TSMC Outlook Drives Chip Rebound After Two-Day Slide, Banks Still Under Pressure

An upbeat TSMC forecast shifts momentum toward chip suppliers.

Specialist Michael Pistillo works at his post on the floor of the New York Stock Exchange, Friday, Jan. 2, 2026. (AP Photo/Richard Drew)
A person walks in front of an electronic stock board showing Shanghai, Japan's Nikkei and New York Dow indexes at a securities firm Thursday, Jan. 15, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A man walks on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., April 7, 2025. REUTERS/Brendan McDermid/File Photo
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Jan. 15, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

Overview

  • U.S. stocks logged a second straight decline on Wednesday, with the S&P 500 down 0.5%, the Dow off 0.1% and the Nasdaq lower by 1.0%, as banks and megacap tech led losses.
  • Wells Fargo fell after missing profit expectations, while Bank of America and Citigroup dropped despite solid results, and credit-card lenders faced added pressure from President Trump’s proposed 10% rate cap.
  • Late Wednesday, President Trump signed a proclamation imposing a 25% tariff on certain semiconductors, and market worries over a DOJ criminal probe involving Fed Chair Jerome Powell heightened concerns about central bank independence.
  • Tech weakness followed a Reuters report that Chinese customs advised blocking Nvidia’s H200 chips, even as Trump said H200 sales to China will proceed with the U.S. government taking 25% of sales.
  • By early Thursday, futures rose as TSMC’s strong results and guidance lifted semiconductor equipment stocks such as Applied Materials, Lam Research and KLA, while investors continued rotating toward small- and mid-cap, industrial and materials shares.