U.S. equities experienced a mixed trading session on Tuesday, October 13, as investors evaluated third-quarter financial results from major banks alongside a broader sell-off in semiconductor issues. While the Dow Jones Industrial Average pushed higher, the S&P 500 and Nasdaq Composite both retreated during early trading.
Downward pressure on technology equities limited the broader market’s progress, though gains in UnitedHealth shares and lower oil prices provided support for the Dow.
Dow Climbs While S&P 500 and Nasdaq Decline
Shortly after the opening bell, the Dow advanced 383 points, or 0.7%. In contrast, the S&P 500 dipped 0.1% and the Nasdaq Composite shed approximately 0.3%. These movements came on the heels of the previous session on Monday, when the Dow settled at 51,850.55 and the S&P 500 ended at 7,807.24.
UnitedHealth Group bolstered the Dow following its report of USD 112.7 billion in third-quarter revenue and adjusted earnings of USD 4.69 per share. The healthcare giant elevated its full-year adjusted earnings projection to a minimum of USD 20.50 per share, sending its stock up about 5% early in the day, while bank equities delivered varied performances following their own disclosures.
JPMorgan Misses Forecasts as Goldman Sachs Profits Rise
JPMorgan Chase announced a 6% growth in third-quarter profit, bringing the total to USD 15.3 billion. Earnings came in at USD 5.57 per share, falling short of the USD 5.90 consensus estimate anticipated by analysts. Reported revenue advanced 8% compared to the prior year, reaching USD 50.2 billion, alongside USD 658 million in securities losses registered during the period.
When excluding those securities losses, JPMorgan generated USD 5.75 per share. Trading revenue climbed 15% year-over-year to USD 10.3 billion, though fixed-income trading fell short of expectations. Additionally, the institution increased its 2026 net interest income forecast—excluding markets—to USD 97.5 billion.
Meanwhile, Goldman Sachs reported a quarterly profit of USD 5.29 billion, marking a 29% increase from the previous year. Revenue climbed to USD 18.68 billion, propelled by a 72% surge in stock-trading revenue to USD 6.44 billion. The firm also captured a record quarterly advisory revenue of USD 1.65 billion.
Wells Fargo posted earnings of USD 1.87 per share, topping analyst projections, although its revenue of USD 21.87 billion missed expectations. Citigroup reported USD 23.85 billion in revenue, which included USD 4.4 billion generated from fixed-income markets.
Chip Stocks Fall After Sharp Losses in South Korea
Technology shares faced intense headwinds following a steep 5.5% decline in South Korea’s Kospi index. Samsung Electronics retreated 7.4% and SK Hynix slumped 10.1% following reports regarding advancements in memory-chip technology by Chinese manufacturer CXMT, which stoked competitive concerns for established producers.
The selling pressure quickly spread to Wall Street. Micron Technology declined roughly 5.5% in early action, and Advanced Micro Devices dropped about 3.3%. Equities of other semiconductor firms also lost ground as market participants re-evaluated outlays directed toward artificial intelligence infrastructure.
These pullbacks weighed on the Nasdaq despite positive movement elsewhere. Across overseas markets, Japan’s Nikkei 225 fell 1.8%—with Tokyo Electron dropping over 7%—while Taiwan’s Taiex also posted losses, compounding regional weakness.
Oil Prices Ease as Inflation Data Approaches
Crude prices pulled back after posting gains on Monday. Brent crude retreated approximately 1.9% to settle at USD 104.62 a barrel, while U.S. benchmark crude decreased 2.1% to USD 91.78 per barrel. Despite the downward correction, energy costs stayed elevated against the backdrop of ongoing geopolitical tensions in the Middle East.
Market participants also focused on the trajectory of borrowing costs. JPMorgan Chief Executive Jamie Dimon cautioned that continuing increases in long-term interest rates could create difficulties for borrowers seeking to refinance debt, though he emphasized he was not forecasting a rise to 6%. “I’m not predicting it,” Dimon stated, framing the higher rate as a hypothetical environment for which borrowers should prepare.
Looking ahead, investors will review upcoming U.S. inflation data due later in the week alongside additional corporate earnings reports. Bank of America and Morgan Stanley are slated to publish their quarterly figures on Wednesday, October 14.
Those updates will build upon Tuesday’s mixed financial landscape regarding bank profits, lending activities, and trading revenues. Furthermore, existing-home sales data is scheduled for release on Tuesday, offering insight into market activity amid persistent high borrowing costs.
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