Ringside · Post-Bell · October 13
- Goldman Sachs and UnitedHealth erased post-earnings jumps; the Dow ended 0.35% lower.
- Johnson & Johnson dropped 5.73% as medical device sales of $8.64 billion missed estimates.
- Refiners rallied as diesel futures jumped about 5%; Valero rose 4.69%.
Indexes
Stocks ended slightly lower Tuesday as early gains in bank and health insurance shares faded. The Dow rose as much as 0.90% in the morning. It closed down 0.35% at 51,670.10. Goldman Sachs and UnitedHealth both finished lower after opening higher, and Johnson & Johnson had its worst day since April 2025, Benzinga reported. The S&P 500 slipped 0.02% to 7,805.45, with gains in energy and communication services offsetting losses in health care and financials. The Nasdaq Composite fell 0.15% as Applied Materials and memory chip makers declined. The S&P 500 is 0.17% below its October 6 record close of 7,818.93, which passed the previous record from August.
| Index | Close | % Chg | Session range | Note |
|---|---|---|---|---|
| S&P 500 | 7,805.45 | -0.02% | 7,786.11 – 7,814.15 | |
| Nasdaq Composite | 27,204.38 | -0.15% | 27,116.08 – 27,277.88 | Memory chip makers fell again |
| Dow Jones Industrial Average | 51,670.10 | -0.35% | 51,587.67 – 52,317.32 | Closed near the session low |
| Russell 2000 | 2,783.37 | -0.40% | 2,774.46 – 2,801.98 | |
| Volatility index (VIX) | 15.27 | +0.39% |
Sector Heat Map
| Sector (ETF) | Close | % Chg |
|---|---|---|
| Energy (XLE) | $67.20 | +1.80% |
| Communication Services (XLC) | $112.28 | +0.74% |
| Utilities (XLU) | $41.87 | +0.58% |
| Materials (XLB) | $49.72 | +0.57% |
| Consumer Discretionary (XLY) | $112.36 | +0.08% |
| Technology (XLK) | $196.28 | -0.04% |
| Real Estate (XLRE) | $41.83 | -0.21% |
| Consumer Staples (XLP) | $84.19 | -0.26% |
| Industrials (XLI) | $168.67 | -0.28% |
| Financials (XLF) | $54.82 | -0.42% |
| Health Care (XLV) | $169.66 | -1.35% |
Five sectors rose and six fell. Energy gained the most on refiners, and health care fell the most after Johnson & Johnson's report.
In the News
Rates, FX, Commodities
Treasury yields fell in the first session after Monday's bond market holiday, and the 10-year yield dropped to 5.21%. Brent fell after three straight gains as traders weighed a deal President Trump announced for more Russian diesel exports. Loud booms were heard near Saudi Aramco's headquarters in Dhahran, Reuters reported. WTI and Brent prices in the table are exchange settlements, as reported by Bloomberg. Natural gas is a closing price.
| Rates & dollar | Level | Note |
|---|---|---|
| 2-year Treasury | 4.79% | Down from 4.80% Friday |
| 10-year Treasury | 5.21% | Down from 5.24% Friday |
| 30-year Treasury | 5.56% | Down from 5.60% Friday |
| 2s10s spread | 42 bp | Narrower |
| Dollar index | 102.21 | -0.20% on the day |
| Commodity | Tue settle / close | % Chg |
|---|---|---|
| WTI crude (Nov) | $94.14 | +0.43% |
| Brent crude (Dec) | $105.69 | -0.90% |
| Gold (Dec futures) | $4,177.30 | |
| Natural gas | $3.32 |
Technicals
The S&P 500 closed at 7,805.45. The October 6 high close of 7,818.93 is first resistance. The 20-day and 50-day averages are near 7,725 and 7,707, about 1% below. The 200-day average is 7,259.48.
The Nasdaq 100 fell 0.31% to 30,569.48. It dipped below its 20-day average of 30,472.33 during the day but closed above it. That average is first support. Resistance is the October 6 close of 31,224.47.
The 10-year yield closed at 5.21%, in the lower half of its range since late September. A move back above 5.31%, its October 5 close, would put it at its highest level of the month.
The 2-year yield, which moves most with Fed rate expectations, eased to 4.79%. It has stayed between 4.65% and 4.92% over the past 20 sessions.
Breakouts & Breakdowns
Breakouts
Valero Energy (VLO) closed at $456.46, its highest close in at least two years. It passed the October 8 close of $443.80, which is now first support.
Marathon Petroleum (MPC) closed at $476.98, above its October 8 close of $463.34 and its highest close in at least two years. The 20-day average, at $420.37, is about 12% lower.
Breakdowns
Citigroup (C) closed at $124.53, below its 200-day average of $126.32 and at its lowest close since May 19. The May 19 close of $119.97 is the next support.
Johnson & Johnson (JNJ) closed at $248.61, its lowest close since July 15. The July 15 close of $247.02 is first support, and the 200-day average of $243.41 is next.
Top Movers
Gainers
Refiners rose after US diesel futures climbed about 5%, Reuters reported. President Trump said the extra Russian diesel is meant for the rest of the world, not the US. Phillips 66 (PSX) gained 4.00% to $292.73. PBF Energy (PBF) rose 7.23% to $91.17.
Oracle (ORCL) rose 4.23% to $143.20. The company proposed paying El Paso Electric $10 million a year for 10 years for power at its Project Jupiter AI data center in New Mexico, Invezz reported. It also offered up to $55 million a year in bill credits to local customers.
Losers
Johnson & Johnson (JNJ) fell 5.73% to $248.61. Medical device sales rose 2.5% to $8.64 billion, Benzinga reported. Analysts had expected $8.71 billion. Chief Financial Officer Joe Wolk said two new drug deals will cut 2027 adjusted earnings by a combined $1.36 a share.
Citigroup (C) fell 5.60% to $124.53. It had traded as high as $133.50 in the morning. Investment banking fees fell 13% from the second quarter, the biggest drop among large banks, Investing.com reported. Net income fell about 10% from the second quarter. Wells Fargo (WFC) fell 3.10% to $80.74. JPMorgan Chase (JPM) lost 0.86% to $331.43.
Applied Materials (AMAT) dropped 6.69% to $464.24 after its investor presentation. The company targeted an adjusted gross margin of about 54% by 2030 but did not give a revenue target, The Motley Fool reported.
UnitedHealth Group (UNH) opened at $397.62. It closed down 0.20% at $377.76. The shares turned lower after the conference call began, Benzinga reported. Executives said formal 2027 guidance will come at an investor meeting before year-end. Goldman Sachs (GS) opened at $923.00. It closed down 0.23% at $891.91.
Micron Technology (MU) fell 3.62% to $953.19 as memory chip stocks extended Monday's losses.
Macro Data Today
| Release | Actual | Consensus | Prior |
|---|---|---|---|
| NFIB small business optimism, September | 97.9 | 98.1 (XTB) | 98.7 |
| Existing home sales, September, annual rate | 3.99 million | 3.95 million (XTB) | 3.93 million |
Existing home sales rose 1.5% from August, the National Association of Realtors said. The median price was $417,500, up 1.3% from a year earlier.
Notable Earnings This Session
Pre-Open
JPMorgan Chase, Goldman Sachs, Citigroup, Wells Fargo, Johnson & Johnson, UnitedHealth Group, Domino's Pizza and Albertsons reported before the open. All four banks closed lower.
Post-Close
No large companies reported after the close.
Drivers
- September consumer prices are due at 8:30 a.m. Economists polled by Dow Jones expect annual inflation of 3.6%, up from 3.4% in August.
- Bank of America, Morgan Stanley and BlackRock report before the open, along with chip equipment maker ASML. The KBW Nasdaq Bank Index fell 8.4% over the past three months, TheStreet reported.
- The Fed releases its Beige Book survey of regional business conditions at 2 p.m. The producer price index and September retail sales follow Thursday.