Stock Market Midday, Oct. 13: Bank Earnings and Chip Pressure Drive Mixed Trading

Bank earnings opened the season with a split decision on October 13, 2026, and semiconductors took the heaviest hit. Micron Technology (MU) slid more than 5% as the sector faced selling pressure.

Indexes traded mixed to lower at midday. The S&P 500 fell 0.25%, the Nasdaq dropped 0.37%, and the Dow declined 0.18%. The Nasdaq's steeper drop fits with chip weakness weighing on tech-heavy benchmarks, which is our interpretation of the move rather than a figure from the session.

Goldman Sachs (GS) gained on strong earnings, the clear winner among the early reports. Wells Fargo (WFC) and Johnson & Johnson (JNJ) both declined on disappointing results, showing that a strong print at one name did not lift the group.

The semiconductor selloff was tied to intensifying global competition and Chinese chip innovations. Micron's 5%-plus decline was the sharpest single-name move cited, and it points to how quickly sentiment can turn on competitive headlines.

Interpretation: with only a few reports in, the market is rewarding clean beats and punishing misses rather than trading banks as a single block. Chips, meanwhile, are trading on competitive threat, not earnings.