US stocks showed mixed performance on Tuesday, October 13, 2026, influenced by bank earnings and a decline in the semiconductor sector. The Dow Jones Industrial Average increased by 0.7%, boosted primarily by a 5% rise in UnitedHealth. In contrast, the S&P 500 dipped by 0.1%, while the Nasdaq Composite fell by 0.4%, with technology stocks continuing to weigh down the index.
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The South Korean KOSPI index dropped over 5%, impacted by losses in major memory chip manufacturers Samsung and SK Hynix, intensifying the overall chip sector sell-off. This decline followed an announcement from Chinese memory maker CXMT, which reported advancements in a new efficient memory design, raising investor concerns. Broadcom CEO Hock Tan remarked on Monday that speculations around AI investments felt akin to gambling, suggesting that many investors might not fully understand their investments.
Attention also centered on major bank earnings, marking the unofficial beginning of the third-quarter earnings season. JPMorgan Chase reported weaker-than-expected profits, while Goldman Sachs posted a 29% increase in profits compared to the same period last year.
Oil prices fell, with Brent crude dipping after surpassing $105 per barrel, and gasoline prices matched last year's record for the number of days above $4 per gallon.
Goldman Sachs CEO David Solomon refuted recent succession rumors during a conference call, confirming that no transition is in progress and emphasizing the bank’s focus on its growth strategy. Solomon's comments followed speculation about a potential leadership change aimed for late 2027 or 2028, as reported by the Wall Street Journal.
Three major banks released third-quarter results on Wednesday, highlighting resilience in the US economy against the backdrop of rising interest rates. JPMorgan, Wells Fargo, and Citigroup demonstrated continued growth in consumer spending, with JPMorgan’s credit card loans rising by 7% year-over-year.
Despite a slight pullback in certain sectors, JPMorgan's investment banking fees rose to $3 billion, although they declined compared to the previous quarter. Bank of America strategist Savita Subramanian noted that investors are increasingly focused on sustaining growth amid rising expectations in the tech sector, particularly regarding AI investments.
In another report, the chip market sell-off continued, exacerbated by a 6% drop in South Korea's stock market, with shares of Micron and SK Hynix anticipated to decline further. This downturn stems from enhanced competition and mounting valuation concerns in the semiconductor space.