Morning Edition · Tue 13 Oct 2026
Chip Selloff Holds S&P 500 Flat as Bank Earnings Season Opens
The S&P 500 closed just below flat on Monday as a slide in memory-chip shares offset gains in energy and a Salesforce upgrade, with the big banks set to open third-quarter earnings season this week.
Chanan Zevin - Chief Editor and Head of Desks
Published
Memory chips weigh
The S&P 500 fell 0.06% to 7,807.24 on Monday, October 12, while the Dow Jones Industrial Average rose 195.60 points, or 0.38%, to 51,850.55, its third straight gain, CNBC reported. The Nasdaq Composite lost 0.44% to 27,245.90.
Micron Technology fell 3.9% as investors assessed rising competition from China's CXMT, which reported progress on a new chip structure, according to CNBC. Salesforce rose 2% after Bank of America upgraded it to buy from underperform and raised its price target to $285 from $160.
Banks take the stage
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo are all expected to report this week, CNBC reported. FactSet's John Butters expects S&P 500 earnings growth of 29.6% for the third quarter, which would be the fourth straight quarter above 25%, according to CNBC.
“It's going to be all on earnings,” Tim Holland, chief investment officer at Orion, told CNBC. JPMorgan strategist Mislav Matejka wrote in a Monday note that “earnings will be a support for the market.”
Inflation data next
September consumer and producer price data are due on Wednesday and Thursday, CNBC reported. Cleveland Fed President Beth Hammack said on Monday that “a restrictive monetary policy stance is appropriate to ensure a timely return to 2 percent inflation.”