Stock market today: Dow, S&P 500, Nasdaq slip as chip stocks fall, earnings roll in
Stocks closed lower as earnings season began, led by semiconductors after Samsung and SK Hynix fell roughly 8% in Seoul when Chinese rival CXMT announced a new memory design. JPMorgan missed profit expectations while Goldman Sachs, Wells Fargo and Citigroup beat, and the KBW Nasdaq Bank index fell more than 1%. Yahoo Finance
Brent Steady Amid Middle East Tensions
Brent for December settlement declined 0.9% to $105.69 a barrel, while West Texas Intermediate for November delivery advanced 0.4% to $94.14. The article cites profit-taking after several sessions of gains, set against Houthi attacks on Saudi Arabia, Iranian attacks on shipping in the Strait of Hormuz, and skepticism over a proposed energy ceasefire between Moscow and Kyiv. Bloomberg
Why Applied Materials Sank Today
A day after unveiling its $5 billion EPIC research center, Applied Materials targeted adjusted gross margin of about 54% and adjusted operating margin of about 40% by 2030, but gave no overall 2030 revenue projection, a gap the article ties to investor concern over the sustainability of the AI build-out. The Motley Fool
Johnson & Johnson stock falls despite strong earnings as investors focus on medtech unit
J&J raised its full-year earnings and revenue forecast again, but medtech sales grew a disappointing 2.5%. The article also cites a UK study questioning the company's heart pump benefits in some high-risk procedures, and says J&J now prefers a spin-off of its orthopedics business over a sale to Apollo. Yahoo Finance
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,805.45 | -1.79 | -0.02% |
| Nasdaq Composite^IXIC | 27,204.38 | -41.52 | -0.15% |
| Dow Jones^DJI | 51,670.10 | -180.45 | -0.35% |
| CBOE Volatility Index^VIX | 15.27 | +0.06 | +0.39% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 102.21 | -0.38 | -0.37% |
| Brent CrudeICE Dec '26 · 2:30 PM ET settle | $105.69 | -$0.96 | -0.90% |
| WTI CrudeNYMEX Nov '26 · 2:30 PM ET settle | $94.14 | +$0.40 | +0.43% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $4,176.60 | -$13.70 | -0.33% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.10% | -3bp | -0.73% |
| 3-MonthT-bill | 4.26% | +1bp | +0.24% |
| 6-MonthT-bill | 4.34% | +2bp | +0.46% |
| 1-YearT-note | 4.48% | +1bp | +0.22% |
| 2-YearT-note | 4.79% | -1bp | -0.21% |
| 5-YearT-note | 5.00% | -2bp | -0.40% |
| 10-YearT-note | 5.21% | -3bp | -0.57% |
| 30-YearT-bond | 5.56% | -4bp | -0.71% |
The major averages finished lower as third-quarter reporting opened with the money-center banks: the S&P 500 slipped 0.02% to 7,805.45, the Nasdaq Composite fell 0.15% to 27,204.38 and the Dow lost 180.45 points, or 0.35%, to 51,670.10. The VIX edged up 0.06 to 15.27. Bank results were mixed, per Yahoo Finance, with JPMorgan missing profit expectations and the KBW Nasdaq Bank index down more than 1%; Citigroup (-5.60%) was among the index’s largest decliners despite beating estimates. Semiconductor and memory names weighed after Samsung and SK Hynix fell roughly 8% in Seoul, and Applied Materials (-6.69%) led S&P 500 decliners after an investor presentation without a 2030 revenue projection. Johnson & Johnson (-5.73%) fell on 2.5% medtech growth despite a raised full-year forecast, leaving Health Care (-1.35%) the weakest sector, while Energy (+1.80%), Communication Services (+0.74%) and Utilities (+0.58%) led.
Crude diverged. Brent for December settled 0.90% lower at $105.69, which Bloomberg attributed to profit-taking after several sessions of gains, while November WTI added 0.43% to $94.14, narrowing the Brent-WTI spread to $11.55 from $12.91 on Monday. The dollar eased (DXY 102.21, -0.38) and gold slipped 0.33% to $4,176.60 (1:30 PM ET print). Treasuries rallied at the long end as the cash market reopened from the Columbus Day holiday: the 10-year fell 3bp to 5.21% and the 30-year 4bp to 5.56%, while the 2-year eased 1bp to 4.79%, flattening 2s10s to 42bp from 44bp.
September CPI at 8:30 AM ET Wednesday is the week’s principal macro catalyst, followed by the 2:00 PM ET Beige Book. With Brent above $105 and the 10-year above 5.20% heading into the print, the inflation data set the near-term direction for rates. Thursday brings retail sales, the Producer Price Index, jobless claims and the Empire State and Philadelphia Fed surveys, with Chairman Warsh in conversation with IMF Managing Director Georgieva that evening; industrial production closes the week Friday at 9:15 AM ET.