Wall St falls as Treasury yields rise after strong sales data, chipmakers slide

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Wall St falls as Treasury yields rise after strong sales data, chipmakers slide
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Oct 17 - Wall Street's main indexes fell on Tuesday as Treasury yields rose following hotter-than-expected economic data, while chipmakers fell after the Biden administration said it was halting shipments of AI chips to China.

U.S. Treasury yields extended their advance after the data, with 10-year yields up at 4.8552%, pressuring megacaps Apple , Microsoft , Alphabet and Amazon.com , down between 0.9% and 1.9%. Goldman Sachs third-quarter profit dropped less than expected as a nascent recovery in dealmaking offset its $864 million writedown related to GreenSky fintech business and investments in real estate.

U.S. President Joe Biden is set to visit Israel on Wednesday, after Washington said Prime Minister Benjamin Netanyahu had agreed to allow humanitarian aid to reach Gazans. Information technology and consumer discretionary led declines amongst the major S&P 500 sectors, while energy and materials advanced.

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