Wall Street stocks closed lower on Tuesday, with the PHLX Semiconductor Index falling for a fifth consecutive session, down 0.2%. Micron Technology and Applied Materials dropped 3.6% and nearly 7%, respectively. Broadcom CEO Hock Tan on Monday likened some investments in the chip industry to "casino gambling." In banking, Citigroup and Goldman Sachs fell 5.6% and 0.2% respectively, despite exceeding profit expectations. Wells Fargo dropped 3.1% due to lower-than-expected net interest income, and JPMorgan Chase fell 0.9% after a rare profit miss. Apple briefly hit a record high of $348.15 during the session, closing up a modest 0.1%, with its market capitalization reaching $4.98 trillion. The S&P 500 fell 0.02% to 7805 points, the Nasdaq Composite dropped 0.2% to 27204 points, and the Dow Jones Industrial Average declined 0.4% to 51670 points. Analysts expect S&P 500 earnings to grow over 30% in the third quarter, primarily driven by AI-related technology companies.