Welcome to Seeking Alpha's Wall Street Lunch. Our afternoon update on today's market action news and analysis.

Good afternoon, today is Tuesday, October 15th, and I'm your host Kim Khan. Our top story so far.

Semiconductor stocks are slumping, pushing the overall stock market into the red after chip equipment company,

ASML, sandbag traders releasing earnings a day ahead of schedule, and the numbers are bad.

The person familiar with the matter told Seeking Alpha that the early results were not a hack, but rather an internal technical error.

For 2025, ASML lowered its net sales forecast to 30 billion to 35 billion euros, midpoint

of 32.5 billion.

Previously, the company expected 30 billion to 40 billion, a previous estimate of

35.94 billion. Net bookings fell 53% quarter-on-quarter to 2.63 billion euros, a far cry from the consensus of 5.4 billion.

ASML CEO said, while there continues to be strong developments and upside potential in AI,

other market segments are taking longer to recover, and now appears the recovery is

more gradual than previously expected.

This is expected to continue in 2025, which is leading to customer cautiousness.

ASML was plunging more than 10% with the major chip EDFs, SMH, and socks falling around 4%.

Chip Giants, NVIDIA, AMDD and Broadcom are all down.

Looking to more results, a flood of numbers hit before the opening bell,

with financials dominating.

Every major company issuing results pre-market beat on the top and bottom lines. That's quite a streak, but the question

is whether that's because of solid performance or lowered expectations. City, Bank of America, and Goldman Sachs all

weighed in. City top consensus helped by lower expenses and the

company expects to reach its full-year revenue and expense targets.

Guidance for 2024 expenses, excluding the FDIC Special Assessment and civil money penalties was unchanged at

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