Morning Preview: October 13, 2026

Early Look

Tuesday, October 13, 2026

S&P futures are edging lower, but Nasdaq futures are falling notably amid another sharp decline for semiconductors (SOX), led mostly by weak memory stocks (MU, SNDK, WDC, SKHY), adding to the prior day weakness. Recall yesterday, the group was hit after some analysts pointing to China’s CXMT making technological advances that would compete with Samsung and Sk Hynix. In Asian markets, The Nikkei Index tumbled -1,253 points or 1.82% to 67,777, the Shanghai Index rose 3 points to 3,800, and the Hang Seng Index rose 74 points to 24,345. The South Korean Kospi sunk -62 points or 6.25% to 942 led by the tech weakness. In Europe, the German DAX is up 130 points to 25,407, while the FTSE 100 rises 79 points to 10,735. The U.S. dollar eases as Treasury yields fall and the global bond selloff loses momentum. Lower oil prices also weigh on the greenback, moderating the inflation impulse that has supported Federal Reserve tightening expectations ahead of key inflation data tomorrow (CPI) and Thursday (PPI). The bond market reopens after being closed for the Columbus Day holiday as yields slip, with the 10-yr down -5bps to 5.19%. Earnigns kicking off the quarter today as JPM falls on results, WFC rises in the bank space; UNH rises on earnings, and JNJ down after its results in Healthcare.

• The Dow Jones Industrial Average rose 195.60 points, or 0.38%, to 51,850.55
• The Nasdaq Composite dropped -120.27 points, or 0.44%, to 27,245.90
• The Russell 2000 Index declined -12.50 points, or 0.45% to 2,794.48

• 7:45 AM ET ICSC Weekly Retail Sales
• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                Existing Home Sales M/M for September

• Earnings After the Close: AZZ

• Paris Auto show, 10/12-10/18
• SEMICON West, 10/13-10/14, in San Francisco, CA
• China Imports/Exports/Trade Balance for September
• China PPI, CPI data for September

• Six Flags Entertainment’s (FUN) shares fall after CNBC reports that one person was killed, and several others were injured in a deadly roller coaster incident at one of its amusement parks in Georgia, citing local police.

• Northern Oil & Gas (NOG) provides third quarter operational update as expects Q3 capital expenditures of $250M-$253M excluding non-budgeted acquisitions; expects Q3 realized hedge losses of $51M-$52M and reiterates its 2026 capital expenditures guidance.
• The Federal Energy Regulatory Commission rejected most of PJM Interconnection’s proposal for connecting data centers and other large electricity users to the grid, Utility Dive reported Monday. FERC raised concerns that proposed interim service and bring-your-own-capacity rules could intrude on state authority over retail rates and discriminate against large loads.

• JPMorgan (JPM) Q3 adj EPS $5.75 below consensus $5.94 and revs rose 8% y/y to $50.2B and managed revenue $50.9B, vs. consensus $51.22B; Q3 net income rose 6% y/y to $15.31B, up 6% from 3Q25; Q3 provision for credit losses fell 19% y/y to $2.74B; Consumer & Community Banking net income increased 13% to $5.67B, Commercial & Investment Bank net income rose 20% to $8.25B and Asset & Wealth Management net income advanced 11% to $1.84B; Q3 FICC sales & trading rev $5.37B, below consensus est. $6B and Q3 investment Banking revenue was $3.1B.
• Visa (V) receives China’s approval to prepare for a domestic bank card-clearing business; the news a major step for Visa to enter one of the largest payment markets.
• Wells Fargo (WFC) Q3 EPS $1.87 vs. est. $1.85; Q3 revs rose 2% y/y to $21.87B vs. est. $22.3B; Q3 net interest Income $12.517B vs. est. $12.628B; Q3 credit loss provision rose 51% y/y to $1.029B; Q3 Average loans climbed 11% to $ 1.03 trillion and average deposits increased 11% to $ 1.48 trillion y/y; Q3 Common Equity Tier 1 ratio slipped to 10.0% from 11.0% a year earlier; sees 2026 NII plus or minus $50B, unchanged from prior guidance.

• Johnson & Johnson (JNJ) announced new Phase 3 data showing consistent combined fistula remission outcomes with TREMFYA across clinically important subgroups of adults with Crohn’s disease with perianal fistula.1 The prespecified subgroup analyses from the FUZION study are being presented at the American College of Gastroenterology
• Humana (HUM) has partnered with BlackRock (BLK) to manage nearly 150 CenterWell Senior Primary Care clinics, replacing its existing joint ventures with Welsh, Carson, Anderson & Stowe. BlackRock will acquire WCAS’s equity stake, valued at ~$2.8 billion, in the existing ventures.
• Neurocrine Biosciences (NBIX) cautious comments by Adam F at STAT news. Concerns grow on safety issues tied to Neurocrine Biosciences rare disease drug. Former FDA regulator wants Prader-Willi therapy withdrawn; others urge caution
• Roche (RHHBY) entered into an exclusive worldwide licensing agreement with Chinese biotechnology company Rona Therapeutics for an experimental obesity drug candidate, in a deal worth up to $1.16B. Under the agreement, Rona will receive an upfront payment of $100M and is eligible for up to $1.06B in development, regulatory, and commercial milestone payments, along with tiered royalties on global net sales.
• Syndax (SNDX) announced that the MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis did not meet its primary endpoint of the annualized rate of decline in forced vital capacity. The safety and tolerability profile observed in MAXPIRe was consistent with previous clinical studies of axatilimab, with no new safety signals identified
• UnitedHealth (UNH) Q3 adjusted EPS $4.69, tops consensus $4.14 on revs $112.69B vs. consensus $111.49B; raises FY26 adjusted EPS view to at least $20.50 from $19.50-$20.00 (est. $19.87); said lower medical care ratio was driven by medical cost management, benefit design changes, pricing discipline and care delivery enhancements; reported a third-quarter medical cost ratio of 88.4%, better than analysts’ estimates and the year earlier 89.90%.

• Meta (META) on Monday launched Muse Wonder and Muse Wonder Full, ‌calling them its most capable AI models ‌yet, as the social media firm looks to compete ​more forcefully with OpenAI and Anthropic.
• Navitas Semiconductor (NVTS) announced its latest 24 kW, 800 V-to-12 V DC-DC power delivery board, or PDB, powered by GaNFast technology and developed in collaboration with Nvidia (NVDA), to support the Nvidia MGX ecosystem and advance 800 VDC power architectures for data centers.
• Teradyne (TER) agrees to purchase shares of Formfactor (FORM) common stock as Teradyne to make $300M strategic equity investment in Formfactor.