[New York Stocks] Semiconductor Stocks Weaken as KOSPI Plunges... Indexes Mixed

Digesting earnings reports from major U.S. banks
Semiconductor stocks plunge, including SK hynix ADR

With memory chip stocks weakening in the wake of a sharp decline in South Korean equities, and as major U.S. banks continued to report third-quarter results, Wall Street's three major indexes were mixed on Oct. 13 (local time).

As of 9:45 a.m. on Wall Street, the Dow was up 191.35 points (0.37%) from the previous session at 52,041.90. The S&P 500, which is dominated by large-cap stocks, rose 3.96 points (0.04%) to 7,811.20, while the Nasdaq, which is dominated by technology stocks, fell 13.99 points (0.05%) to 27,231.91.

New York Stock Exchange. New York, U.S. = Correspondent Hwang Yunju

JPMorgan Chase's third-quarter revenue and net income fell short of market expectations. Its shares dropped immediately after the results were announced, but later reversed course to gain 2% after the company raised its 2026 net interest income forecast.

Wells Fargo fell 1.10% after reporting mixed results, while Goldman Sachs, whose third-quarter revenue topped expectations, rose 1.90%. Insurer UnitedHealth also gained 1.52% after reporting results that exceeded market expectations.

Memory-related stocks, including semiconductor stocks, fell across the board. South Korea's KOSPI plunged 5.46% to its lowest level since July 31, weighed down by concerns over semiconductor-sector valuations and competition from Chinese companies. Chinese memory maker ChangXin Memory Technologies (CXMT) said it plans to launch a new, higher-performance chip by the end of this year.

SK hynix ADR and Seagate Technology fell 4.55% and 5.34%, respectively, while Western Digital dropped 6.23%. Micron Technology and SanDisk also fell more than 4.20% and 3.64%, respectively.

Corporate earnings due this week are expected to shape the course of a third-quarter earnings season in which expectations have risen. According to FactSet, analysts expect S&P 500 companies' third-quarter earnings to have increased by about 30% from a year earlier.

Investors are also watching existing-home sales due today, along with remarks from Thomas Barkin, president of the Federal Reserve Bank of Richmond, and Susan Collins, president of the Federal Reserve Bank of Boston.

The September Consumer Price Index (CPI) is due this week. The market is also focused on how Treasury yields, which have climbed to fresh highs recently, will respond to the inflation data.

This content was produced with the assistance of AI translation services.