Semiconductor stocks stayed under pressure on October 13, 2026, as investors questioned whether artificial-intelligence spending will produce returns quickly enough and watched signs of stronger Chinese competition. At the same time, large U.S. banks began reporting quarterly results: profits were higher than a year earlier at several firms, but JPMorgan’s earnings per share came in below the analyst expectation cited by The Associated Press. The combination produced a mixed market opening rather than a clear risk-on or risk-off move.
What happened at the October 13 open
Reuters reported that the Dow Jones Industrial Average rose 242.4 points, or 0.47%, to 52,092.99 at the U.S. open. The S&P 500 fell 12 points, or 0.15%, to 7,795.27, while the Nasdaq Composite declined 107.2 points, or 0.39%, to 27,138.729.
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Those figures describe the opening snapshot, not the final result for the trading day. Semiconductor weakness weighed most directly on the technology-heavy Nasdaq, while the Dow’s advance showed that selling was not uniform across the market. The prior session, October 12, had also been mixed: the S&P 500 fell 0.1%, the Dow gained 0.4% and the Nasdaq lost 0.4%, according to AP.
Why chip stocks were falling
Investors are reassessing AI spending
A market wrap carried by SWI swissinfo.ch said the selloff in chipmakers extended for another day as investors reassessed whether AI investment can be sustained. The concerns included safety issues and signs of funding strain. Strong corporate results could still support the wider market, but investors were weighing the cost and durability of the spending required to build AI infrastructure against the timing of any returns.
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Chinese competition added pressure
Reuters linked renewed AI concerns to progress by Chinese memory-chip maker CXMT. That development fueled worries about competition from Chinese AI companies and raised questions about how much pricing power and market share established semiconductor businesses can retain. Reuters also described concern about concentration in a small group of AI-related companies and whether the sector’s spending will generate returns soon enough.
These explanations describe reported investor concerns, not proof that one event caused every semiconductor share to decline. Chip prices can also respond to company-specific guidance, valuation changes and shifts in expectations, none of which can be inferred from the opening index move alone.
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What the first bank reports showed
JPMorgan: profit growth but an earnings miss
JPMorgan reported third-quarter 2026 profit of $15.3 billion, or $5.57 per share. In the same quarter a year earlier, it earned $14.4 billion, or $5.07 per share. Thus, profit and per-share earnings increased year over year.
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Other major banks also reported higher profits
AP said Citigroup, Wells Fargo and Goldman Sachs, as well as JPMorgan, reported higher profits than a year earlier. The reports were not uniformly upbeat. AP also described warnings from the banks about the longer-run effects of higher interest rates and the possibility that sustained price increases could weigh on consumers if inflation is not brought under control. Those comments were reported by AP as management warnings; they should not be read as identical statements from every bank.
| Bank | Year-over-year result reported by AP | Additional detail |
|---|---|---|
| JPMorgan | Profit rose to $15.3 billion from $14.4 billion | $5.57 per share versus $5.07 a year earlier; below the $5.93 analyst expectation cited by AP |
| Citigroup | Higher profit | AP included the bank among firms warning about higher rates and inflation risks |
| Wells Fargo | Higher profit | AP included the bank among firms warning about higher rates and inflation risks |
| Goldman Sachs | Higher profit | AP included the bank among firms warning about higher rates and inflation risks |
How the two themes affected the market
Chip selling and bank earnings supplied different information. Semiconductor weakness reflected concerns about AI-sector spending, competition and the time required to earn back large investments. Bank reports offered a check on the health of financial-sector profits, but the JPMorgan estimate miss and the warnings about rates and consumers limited how straightforwardly positive the opening batch could be.
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The divergence among the indexes underscores that investors were not making one simple judgment about the economy. The Dow’s gain suggested buying in some large, established companies, while declines in the S&P 500 and Nasdaq showed continued pressure in broader and technology-heavy benchmarks.
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What investors should watch next
- Further bank guidance: Management commentary on interest rates, inflation, credit demand and consumer behavior may matter as much as the headline profit numbers.
- AI spending and returns: Investors will continue looking for evidence that capital flowing into data centers, chips and related infrastructure can produce durable revenue and profit.
- Competitive developments: Progress by Chinese chip and AI companies could affect expectations for pricing, market share and supply chains.
- Later market readings: The October 13 opening numbers can change materially before the close, so they cannot establish the day’s final performance or a trend.
What this report does—and does not—establish
The evidence supports a current-events account of continued semiconductor selling pressure and a mixed start to the U.S. banking earnings season. It does not establish that technology stocks have entered a lasting decline, that bank shares have begun a sustained advance or that either sector will move in one direction after the session. Both the market prices and investor explanations are time-bounded to reports published during the October 13 session.
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