Stock market today: Dow, S&P 500, Nasdaq slide as US-China trade tensions rattle nerves

Market Overview - US stocks experienced a decline on Tuesday, with the Dow Jones Industrial Average falling by 0.9%, the S&P 500 dropping by 1%, and the Nasdaq Composite leading the retreat with a decrease of over 1.4% [1][2]. Trade Relations - The negative sentiment in the market was influenced by China's recent trade actions against the US, which included sanctions on five US-linked units of South Korean shipbuilding firm Hanwha Ocean, effectively barring Chinese companies from engaging in business with them [3]. - Both the US and China have implemented special port fees on each other's vessels, indicating a competitive push for maritime dominance [3]. Earnings Season - The third quarter earnings season commenced with results from major banks including JPMorgan Chase, Citigroup, Goldman Sachs, and Wells Fargo. Despite a boost in quarterly profits due to increased Wall Street dealmaking, shares of Goldman and JPMorgan saw a decline, while Wells Fargo's stock surged as its profits increased [4]. Economic Reports - The ongoing government shutdown has stalled key economic reports, leaving investors and the Federal Reserve without a clear understanding of the economic landscape. The release of the September CPI consumer inflation report has been postponed to October 24, along with delays expected for data on retail sales and producer prices [5]. Federal Reserve Insights - The lack of economic data has heightened the importance of Federal Reserve Chair Jerome Powell's speech at the NABE annual meeting, which is anticipated to provide insights into the Fed's economic outlook and monetary policy considerations [6]. Technology Sector - In the technology sector, Advanced Micro Devices announced a deal to supply Oracle's cloud business with 50,000 AI chips (GPUs), reflecting ongoing developments in AI technology and competition among chipmakers [6].