EconomyChip selloff deepens ahead of Wall Street earnings

Chipmakers extended their selloff for a second day, pressuring equity markets as traders prepared for US banks to start earnings season in earnest. Citigroup, Goldman Sachs, JPMorgan and Wells Fargo were set to report before the open. The KBW Bank Index was down about 12% from its mid-August peak, beyond the 10% threshold for a technical correction.