Finance

Bank of America reported weaker-than-expected revenue and a missed earnings forecast for the third quarter, driving its stock down more than 6%. Profitability was heavily impacted by a $1.2 billion regulatory fine imposed by the U.S. Treasury Department for anti-money laundering and sanctions violations. Additionally, a slowdown in both equity and fixed-income trading revenue dragged down the company's financial performance.

Chipmaker and artificial intelligence infrastructure stocks experienced a notable selloff as investors questioned the sustainability of massive tech sector valuations. While ASML adjusted its outlook upward, the manufacturing giant simultaneously warned that it will likely struggle to satisfy soaring global chip demand in the coming years. Major industry leaders saw sharp declines, compounding recent losses in the tech-heavy Nasdaq index.

Energy markets saw heightened volatility as military confrontations intensified in Yemen, including Houthi retaliatory strikes against Saudi Aramco's headquarters. The geopolitical friction has pushed oil prices up, complicating the global inflation landscape just as central banks gauge consumer price pressures. Ongoing geopolitical uncertainties continue to act as a significant driver for fluctuating energy benchmarks.