Stock market today: Dow, S&P 500, Nasdaq slide as US-China tensions rattle nerves, big banks report earnings

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 market sentiment 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 Data - The ongoing government shutdown has delayed key economic data reports, including the September CPI consumer inflation report, which is now scheduled for release on October 24. This delay adds uncertainty to the economic outlook for both investors and the Federal Reserve [5] Federal Reserve Insights - The data blackout 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 it will supply Oracle's cloud business with 50,000 AI chips, marking a significant move in the competitive landscape of AI chip production [6]