US Equities Slide on Bank Losses, Trade Worries

2025-10-16 18:49 By Mojdeh Kazemi 1 min. read

Wall Street stocks fell on Thursday, giving up earlier gains as renewed credit concerns and persistent US-China trade tensions weighed on sentiment.

The S&P 500 and Nasdaq 100 each dropped over 0.7%, while Dow Jones lost more than 300 points.

Financial stocks led the selloff, with regional banks like Zions Bancorporation (-13%) and Western Alliance (-10.8%) plunging after disclosing sizable loan losses.

The declines came despite a rally earlier in the session driven by chipmakers after TSMC raised its full-year revenue forecast and reported a nearly 40% jump in profit, fueling optimism about AI-driven demand.

Major tech and AI stocks showed mixed moves: Apple fell 1.4%, Meta down 1.6%, Tesla 2.7% lower, Amazon 1.1%, while Nvidia rose 0.4%.

US-China trade tensions remain high, with Trump declaring on Wednesday, "You're in a trade war now," Meanwhile, the third-week government shutdown continues to delay key economic data, adding to market uncertainty.



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