S&P 500 Slumps 1.3% as Tech Selloff Deepens and Bank of America Misses

Key Facts

1The S&P 500 fell 1.3%, its largest decline since late July, erasing most of the month's gains.

2Nvidia shares dropped 3.2% amid a broad selloff in chip and AI-related stocks.

3Bank of America shares fell 5.8% after missing earnings expectations despite management's optimism on consumer strength.

The S&P 500 fell 1.3%, marking its largest decline since late July and erasing most of the month's gains according to Reuters. Bank of America shares dropped 5.8% after the lender reported earnings that missed expectations, despite management expressing optimism regarding consumer strength and the broader US economy. The technology sector faced significant pressure as Nvidia shares fell 3.2% amid a broad selloff in chip and AI-related stocks.

NVDA was trading at $222.50 on October 14, 2026, while AVGO stood at $347.20 and MU at $927.29 on the same date. In the financial sector, BAC closed at $53.96 on October 13, 2026, while JPM was trading at $333.57 on October 14, 2026. These movements coincide with profit-taking and AI bubble concerns that weighed on megacap tech names, including MSFT which was trading at $536.33 on October 14, 2026.