S&P 500 Barely Budges on October 13 as Bank Earnings Disappoint and Chip Stocks Fall for Fifth Straight Day

U.S. stocks ended marginally lower on October 13, 2026, as a mixed bag of major bank earnings and a continued selloff in semiconductor shares weighed on sentiment. The S&P 500 closed down 0.02% at 7,805.67, the Dow Jones Industrial Average fell 0.38% to 51,654.31, and the Nasdaq lost 0.17% to finish at 27,199.68.

Bank earnings were the dominant narrative, but they failed to lift the market. Goldman Sachs beat expectations on the back of a 72% jump in equities trading revenue, while JPMorgan posted a rare profit miss. Citigroup dropped roughly 5.5% and Wells Fargo fell about 3%, both selling off despite reporting results that topped estimates, a sign investors had already priced in upside. Johnson and Johnson sank nearly 6% on a talc-related charge and a medtech miss, even after the company raised its full-year guidance.

Chipmakers extended their losing streak to five consecutive sessions. Applied Materials fell nearly 7% after an investor day that offered little in the way of near-term guidance, dragging peers lower. Micron lost roughly $40.6 billion in market value on the day, while AMAT shed $26.4 billion. Bucking the trend, Nvidia added $53 billion in market cap and Meta gained about 2.5%, extending its rally tied to the Muse AI model and adding $49.8 billion in value.

Bumble surged approximately 56% after agreeing to a buyout by Ithaca Holdings valued at $1.3 billion, or $6.05 per share. BlackRock moved to downgrade U.S. equities to neutral and shift overweight into short-dated Treasuries, citing volatility around artificial intelligence. The 10-year Treasury yield eased to around 5.22% after Fed Governor Waller noted that rising yields are themselves acting to tighten financial conditions. WTI crude climbed about 1% to just under $95 a barrel, with Brent near $106, holding a two-week high. Energy and communication services were among the few sectors to close higher, while health care and industrials led declines.