Wall Street falls as mixed bank earnings, semiconductor weakness weigh on markets

All three major US stock indexes closed lower Tuesday as mixed third-quarter earnings from large American banks and a selloff in memory chip stocks dragged on Wall Street.

Weakness in memory chip shares, which began in Asian markets, spread to US equities and added to the downward pressure. However, remarks from a Federal Reserve official signaling caution on further benchmark interest rate hikes were relayed during trading, helping the major indexes pare their losses.

The Dow Jones Industrial Average fell 180.45 points, or 0.35 percent, to close at 51,670.10.

The S&P 500 edged down 1.79 points, or 0.02 percent, to 7,805.45, while the NASDAQ Composite dropped 41.52 points, or 0.15 percent, to 27,204.38.