12:02 PM EDT, 07/17/2024 (MT Newswires) -- Wall Street's major market averages were mixed on Wednesday as semiconductor stocks were falling midday amid reports of tighter US export restrictions to China.

Shares of ASML ( ASML ) retreated 11%, Nvidia ( NVDA ) slipped 5.9%, AMD (AMD) slid 8.3%, Qualcomm ( QCOM ) lost 7% and Arm (ARM) were down 7.8%.

In economic news, Mortgage Bankers Association data showed that mortgage applications rose by 3.9% in the week ended July 12 after a 0.2% decline in the previous week as 30-year fixed mortgage rates declined to their lowest level since March.

June housing starts rose by 3% from the previous month to a 1.353 million annual rate after a decrease to a 1.314 million pace in May.

In earnings news, Johnson & Johnson ( JNJ ) said its Q2 adjusted earnings rose to $2.82 per diluted share from $2.56 and its net sales climbed to $22.45 billion from $21.52 billion a year earlier. Shares of Johnson & Johnson ( JNJ ) were up 3.1% in recent Wednesday trading.

Elevance Health ( ELV ) said its Q2 adjusted earnings increased to $10.12 per diluted share from $9.04 and its revenue rose to $43.89 billion from $43.67 billion a year earlier. The company said it expects full-year 2024 adjusted earnings to be at least $37.20 per share. Analysts polled by Capital IQ expect $37.28. Shares of Elevance Health ( ELV ) dropped 6.8% in recent Wednesday trading.

Prologis ( PLD ) shares rose 4.7% in recent Wednesday trading after the company's Q2 results topped estimates while the real estate investment trust updated its guidance for 2024 core funds from operations to $5.39 to $5.47 per diluted share from the previous outlook of $5.37 to $5.47.

In other news, VF (VFC) said Wednesday it agreed to sell its Supreme brand to EssilorLuxottica for $1.5 billion in cash. Shares of VF were up 7.6% in recent trading.

Price: 950.25, Change: -117.95, Percent Change: -11.04