Chip stocks retreat despite Samsung's record profit guidance: AlphaCheck

What happened: Major averages fell for a second day, with chip stocks retreating. Samsung Electronics reported preliminary record third quarter profit, but the forecast did not lift the wider chip sector. Key numbers: Samsung preliminary Q3 profit $80 billion. 10-year Treasury yield 5.32%. Brent crude near $105 per barrel. Bitcoin below $83,000. Why it matters: Nvidia and AMD were set to decline from record highs for a second day, while peers Micron and SK Hynix traded lower. The market expects the Fed to hold rates in October and raise them in December. Coverage: 7 outlets in 24h

Major averages fell for a second day, with chip stocks retreating. Samsung Electronics reported preliminary record third quarter profit, but the forecast did not lift the wider chip sector.

Nvidia and AMD were set to decline from record highs for a second day, while peers Micron and SK Hynix traded lower. The market expects the Fed to hold rates in October and raise them in December.