S&P 500 posts consecutive declines as tech stocks retreat; Bank of America drops following earnings.

Stocks declined for a second straight session on Wednesday, retreating further from record highs as investors assessed a new round of earnings and kept a close eye on geopolitical risks. The S&P 500 fell 0.53% to close at 6,926.60, while the Dow Jones Industrial Average slipped 42.36 points, or 0.09%, to 49,149.63. The Nasdaq Composite led losses, dropping 1% to end at 23,471.75, marking back-to-back declines for all three major indexes.

Technology stocks weighed heavily on the broader market, with semiconductor names under pressure. Broadcom slid 4%, while Nvidia and Micron Technology each fell more than 1%. The move followed a Reuters report stating that Chinese customs officials have instructed agents to block the entry of Nvidia’s H200 chips into the country.

Financial stocks also lagged. Wells Fargo dropped more than 4% after reporting weaker-than-expected fourth-quarter revenue. Bank of America and Citigroup declined as well, despite posting earnings that topped estimates, as investors viewed the results as insufficient to support markets hovering near all-time highs. The banks’ losses added to recent declines following President Donald Trump’s call last week for credit card interest rate reforms. Citigroup is down more than 7% for the week, Bank of America has fallen roughly 6%, and Wells Fargo is off nearly 7% through Wednesday’s close.

Markets remained under pressure even after delayed producer price index and retail sales data for November came in solid. Meanwhile, concerns over Federal Reserve independence persisted after Trump renewed his criticism of Fed Chair Jerome Powell. The Justice Department’s criminal investigation into Powell has prompted global central bankers to publicly defend the Fed chief.