Nasdaq ends down as chipmakers fall

Key points

• The Nasdaq closed lower on Tuesday as chip stocks extended recent losses. The PHLX chip index fell 0.23 per cent, its fifth straight daily decline, after Broadcom chief executive Hock Tan compared some investment in the sector to casino gambling.
• Reports of technological advances by Chinese memory chip company CXMT added to competition concerns. Citigroup and Goldman Sachs both beat profit estimates, but their shares fell, while Wells Fargo and JPMorgan Chase also declined.
• Apple closed up 0.1 per cent after reaching an intraday record high.