Ringside · Pre-Bell · October 13
- South Korea's Kospi plunged 5.46% to 6,035.35. SK hynix lost 10.09% and Samsung Electronics 7.39%.
- Goldman Sachs rises 3.36% before the open. Its third-quarter equities trading revenue jumped 72% to $6.44 billion.
- JPMorgan earned $5.57 a share, below the $5.90 LSEG estimate. Its shares are little changed after the bank raised its interest income forecast.
Indexes
Dow futures are up 0.84%, led by Goldman Sachs and UnitedHealth after their quarterly results. Nasdaq 100 futures are down 0.72% as memory chip stocks fall for a second day.
| Futures / overnight | Level | % Chg | Note |
|---|---|---|---|
| ES (S&P 500) | 7,852.00 | -0.08% | |
| NQ (Nasdaq 100) | 30,674.75 | -0.72% | Memory chip makers lower before the open |
| YM (Dow) | 52,549.00 | +0.84% | Goldman Sachs and UnitedHealth higher |
| RTY (Russell 2000) | 2,817.90 | +0.20% | |
| FTSE 100 | 10,721.51 | +0.73% | |
| DAX | 25,331.68 | +0.25% | |
| CAC 40 | 7,845.49 | +0.28% | |
| Euro Stoxx 50 | 6,194.46 | -0.03% | |
| Kospi | 6,035.35 | -5.46% | Briefly fell below 6,000; foreign investors sold a net 4.51 trillion won |
| Nikkei 225 | 67,777.52 | -1.83% | Versus Friday; Tokyo was shut Monday |
| Hang Seng | 24,345.22 | +0.30% |
In the News
Rates, FX, Commodities
Treasury trading resumes today after Monday's Columbus Day holiday. Oil is lower after President Trump defended easing limits on Russian diesel exports. Goldman Sachs estimated that the extra Russian supply would cut wholesale diesel prices by $1 to $2 a barrel, CNBC reported.
| Rates & volatility | Level | % Chg | Note |
|---|---|---|---|
| 2-year Treasury | 4.80% | Friday close, Treasury Department | |
| 10-year Treasury | 5.24% | -0.08% | Little changed from Friday in early trading |
| 2s10s spread | 44 bp | Gap between 2-year and 10-year yields, Friday close | |
| VIX | 15.43 | +1.45% | |
| Dollar index | 102.28 | -0.13% |
| Commodity | Overnight futures | Mon settle | % Chg |
|---|---|---|---|
| WTI crude (Nov) | $92.49 | $93.74 | -1.33% |
| Brent crude (Dec) | $105.01 | $106.65 | -1.54% |
| Gold (Dec) | $4,209.60 | ||
| Natural gas | $3.127 |
Technicals
The S&P 500 closed Monday at 7,807.24, 0.15% below the record close of 7,818.93 set October 6, which topped the previous record from August. That record is first resistance. Futures point to an open near 7,800. The 20-day and 50-day averages are both near 7,710, about 1.2% below. The 200-day average is 7,255.12.
The Nasdaq 100 closed at 30,664.70, and futures point to an open near 30,450. Its 20-day average, at 30,390.74, is first support, just below that level. The October 6 close of 31,224.47 is resistance.
The 10-year yield closed Friday at 5.24%. Over the past 20 sessions it ranged from 4.94% to 5.31%.
The 2-year yield, which moves most with Fed expectations, closed Friday at 4.80%. Its 20-session range runs from 4.65% to 4.92%. A drop below 4.65% would signal that traders are pricing fewer rate increases.
Breakouts & Breakdowns
Breakouts
Visa (V) is indicated at $394.99, above Monday's close of $389.27, its highest close of the past two years. The 20-day average, at $369.47, is the nearest support.
Goldman Sachs (GS) is indicated at $924.00, above its 20-day average of $919.70. The 50-day average, at $987.44, is the next resistance.
Breakdowns
Micron Technology (MU) is indicated at $941.00, below its 50-day average of $979.51. It held above that average at Monday's close. The July 29 close of $739.00 is the next major support.
Seagate Technology (STX) is indicated at $705.85, below its July 16 close of $745.49, its lowest close of the past three months. The 200-day average, at $666.16, is the next support.
Top Movers
Gainers
Goldman Sachs (GS) rises 3.36% to $924.00. Third-quarter revenue was $18.68 billion, above the LSEG estimate of $16.71 billion. Advisory revenue rose 18% to $1.65 billion, but the firm said its backlog of investment banking fees shrank from the second quarter, CNBC reported. Morgan Stanley (MS) rises 1.83% to $193.50 before its report Wednesday.
UnitedHealth Group (UNH) rises 1.98% to $386.00. Adjusted earnings of $4.69 a share beat the LSEG estimate of $4.14. The company now expects 2026 adjusted earnings of at least $20.50 a share. Its earlier forecast topped out at $20. Its medical cost ratio, the share of premiums paid out in claims, was 88.4%, below the 89.9% StreetAccount estimate. Humana (HUM) rises 1.04%.
Losers
Western Digital (WDC) falls 6.69% to $361.05. Seagate Technology (STX) drops 6.29%. Micron Technology (MU) falls 4.86% and Sandisk (SNDK) 4.53%. The memory group slid again after the selloff in Seoul and Chinese chipmaker CXMT's plan to launch a denser server memory chip by year-end.
Johnson & Johnson (JNJ) falls 1.98% to $258.50. Adjusted earnings of $2.59 a share topped the LSEG estimate of $2.54. Reported earnings were 9 cents a share after one-time charges for a proposed talc litigation settlement and two deals. The company raised its 2026 adjusted earnings forecast by 6 cents to $11.10 a share at the midpoint.
Wells Fargo (WFC) falls 2.15% to $81.53. Revenue of $21.87 billion missed the LSEG estimate of $22.3 billion, and the bank kept its forecasts for net interest income and expenses this year. Citigroup (C) slips 0.32%. Its earnings of $2.85 a share beat the LSEG estimate of $2.66. Chief Executive Jane Fraser said revenue was the bank's best for a third quarter in a decade.
AST SpaceMobile (ASTS) falls 4.74% to $49.02. Piper Sandler cut it to Neutral from Overweight and lowered its price target to $54 from $98, TheFly reported. Piper cited the pace of the company's satellite launches and SpaceX's push into direct-to-phone service.
Syndax Pharmaceuticals (SNDX) falls 10.22% after its antibody axatilimab failed the main goal of a mid-stage trial in idiopathic pulmonary fibrosis.
Domino's Pizza (DPZ) falls 1.58% after US same-store sales rose 0.3%, in line with the FactSet consensus. Earnings and revenue beat estimates.
Macro Calendar
Existing home sales at 10 a.m. are today's main US release, and two Fed officials speak later in the day. The September consumer price index is due Wednesday.
| Time (ET) | Release | Consensus | Prior |
|---|---|---|---|
| 6:00 a.m. | NFIB small business optimism, September (actual 97.9) | 98.1 (XTB) | 98.7 |
| 10:00 a.m. | Existing home sales, September, annual rate | 3.95 million (XTB) | 3.98 million |
| 1:00 p.m. | Richmond Fed President Thomas Barkin speaks | — | — |
| 4:00 p.m. | Boston Fed President Susan Collins speaks | — | — |
| Wed 8:30 a.m. | Consumer price index, September, from a year earlier | 3.6% (Reuters poll) | 3.4% |
Earnings Today
Before the open: JPMorgan Chase, Goldman Sachs, Citigroup, Wells Fargo, Johnson & Johnson, UnitedHealth Group, Domino's Pizza and Albertsons. Executives from the four big banks hold calls with analysts between 8:30 a.m. and 11 a.m.
After the close: No large companies report. Bank of America, Morgan Stanley and BlackRock report Wednesday morning.
Drivers
- Bank results open the third-quarter earnings season. JPMorgan Chase's fixed income trading revenue was $5.4 billion, about $550 million below the StreetAccount estimate. Its expenses rose 12% from a year earlier and revenue rose 8%, CNBC reported. The bank raised its 2026 net interest income forecast to $106.2 billion from $105.5 billion. Chief Executive Jamie Dimon said trading and dealmaking activity "did moderate somewhat during the quarter."
- Memory chip stocks are falling for a second day. The selloff in Seoul deepened after Samsung Electronics finished its share buyback and SK hynix's program neared its end, Daishin Securities analyst Lee Kyoung-min said. Toshiba's plans to make more hard drives also weighed on the group, the Korea Times reported.
- The Labor Department releases the September consumer price index Wednesday at 8:30 a.m. Economists polled by Reuters expect a 3.6% annual rise, up from 3.4% in August. The Fed's next meeting is October 27-28.