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Mixed US bank earnings and China CXMT chip plan spark memory selloff; indexes end mixed
JPMorgan, Wells Fargo, Goldman Sachs and Citigroup reported mixed third-quarter results on October 13; news of a new CXMT memory chip by year-end triggered a memory-stock selloff, leaving the S&P 500 flat and the Dow down about 0.3%.
Why it matters
Third-quarter earnings season kicked off on Tuesday, October 13, with mixed results from the four big US banks, while news that China's CXMT plans to release a new, more powerful memory chip by year-end triggered a selloff in memory stocks. The S&P 500 ended essentially flat; the Dow and Nasdaq closed modestly lower.
Bank earnings
JPMorgan reported third-quarter net income and revenue below analysts' expectations, although it raised its 2026 net interest income guidance. Wells Fargo beat on earnings per share, but revenue and net interest income came in below forecasts, sending its shares down about 2%. Goldman Sachs topped revenue and profit expectations and edged higher; Citigroup also beat profit estimates but saw its shares decline. Analysts expect S&P 500 third-quarter earnings to rise more than 30% from a year earlier, according to LSEG data, with AI-related technology companies expected to contribute significantly.
Memory-stock selloff
The CXMT announcement deepened concerns over Chinese competition and chip valuations. The Roundhill Memory ETF (DRAM) fell about 5% on Tuesday with most memory chip stocks in the red, and the VanEck Semiconductor ETF (SMH) slipped 0.1% as Micron weakness offset gains in Nvidia and Broadcom. On the upside, UnitedHealth beat expectations and Apple hit an intraday record high.
Closing numbers
The S&P 500 finished nearly flat, slipping 0.02% to about 7,805.83. The Nasdaq Composite fell 0.15% to 27,203.53, and the Dow Jones Industrial Average declined 173.10 points, or 0.33%, to 51,677.45, giving back gains after rising more than 460 points earlier in the session.
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