Global slowdown fears drag US stocks lower despite positive earnings

US stocks experienced a decline on Tuesday, October 15th, as investors digested a series of corporate earnings reports, particularly from the banking and semiconductor sectors. The Dow Jones Industrial Average, S&P 500, and NASDAQ Composite all fell by significant margins.

Among the notable developments, Walgreens Boots Alliance saw a substantial increase in its stock price after announcing store closures and reporting better-than-expected earnings.

Boeing also gained ground on news of a credit agreement and potential stock offering. However, the semiconductor industry faced challenges, with ASML’s disappointing earnings report leading to a sharp drop in its shares and negatively impacting other chipmakers like Nvidia and AMD.

Additionally, concerns over a global economic slowdown, fueled by factors such as slowing demand in China, contributed to the decline in oil prices.