Investors accelerated their selling of shares in the financial services sector. On Wednesday, Bank of America (BAC) unexpectedly reported a $1.2 billion regulatory settlement cost ($0.17 per share).
BofA incurred costs of $19.7 billion in the quarter, compared to revenue of around $30 billion. The $1.2 billion settlement will cover a fine from the U.S. Department of the Treasury related to anti-money laundering and sanctions laws.
Shareholders might increase their pressure to replace BofA’s CEO. Either way, banks disappointed investors so far this quarter. JP Morgan Chase (JPM) and Wells Fargo (WFC) both missed expectations.
Nvidia (NVDA) fell by 3.16% to close below the $225 support price zone on the chart. IDC posted on Tuesday that Nvidia’s market share in China fell to 34% in 1H/2026. U.S. export restrictions limited supply. As a result, Huawei took market share.
SK Hynix (SKHY) lost 6% to close at $147.55. In South Korea’s exchange, shares lost nearly 9%. Its rivals also traded lower. Samsung (SSNLF), LG Innotek, and Samsung SDI all declined.
Japan’s tech firms also faced selling pressure. Softbank (SFTBY) led the decline, while Advantest and Tokyo Electron also fell.
October is typically a weak month for stock markets. The weakness arrived later than usual, in the middle of the month. The tech sector has some hope ahead: Treasury yields might fall as investors buy bonds in a flight to safety.
