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Stock Market Today, Oct 13: Chip Selloff
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Stock Market Today, Oct 13: Chip Selloff
StockCram Editorial3 min readChip stocks slide as Samsung and SK Hynix tumble, oil and Treasury yields ease, and JPMorgan, Citigroup and Wells Fargo report earnings today.
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- •The memory-chip selloff pushed South Korea's KOSPI down as much as 6% on Tuesday and left Nasdaq 100 futures down about 0.6% to 0.8%.
- •Oil fell about 1.8% on Tuesday after WTI closed near $94.40 on Monday, as Trump's 'energy ceasefire' offset Houthi attacks on Saudi Arabia.
- •The 10-year Treasury yield dropped more than 5 basis points on Tuesday from about 5.24%, easing pressure after a run to its highest level since 2002.
- •JPMorgan, Wells Fargo, Citigroup and Goldman Sachs report today, with September inflation data due Wednesday, October 14.
Deep DiveToday's Market Movers
Memory-chip selloff spreads from Wall Street to Asia as Samsung and SK Hynix tumble
What Happened
Samsung and SK Hynix each fell roughly 8% in Seoul, their fifth straight losing session. The drop followed a Monday slide in U.S. chip stocks, when Micron fell 3.9% and the Nasdaq Composite closed at 27,245.90. Reports that China's CXMT is advancing a new, denser memory-chip design raised fears of more competition. Japan's Kioxia dropped 12.4%.
Why It Matters
Memory chips have been a top winner of the AI boom, so a sharp reversal can drag the whole tech-heavy market. Samsung and SK Hynix together make up more than half of South Korea's stock market. For the wider debate over AI spending, see Are We in Another AI Bubble? and our stock market glossary.
Market Impact
Equities
Nasdaq 100 futures were down about 0.6% to 0.8% on Tuesday. South Korea's KOSPI fell as much as 6%. The Nasdaq Composite lost 0.4% on Monday.
Rates
Little direct effect. Yields eased on Tuesday as oil fell.
FX
Limited direct effect. The dollar rose against all seven major currencies on Monday.
Commodities
No direct effect. Oil and gold moved on other news.
Oil slips as Trump's 'energy ceasefire' offsets Houthi attacks on Saudi Arabia
What Happened
President Trump announced an 'energy ceasefire' between Russia and Ukraine, and oil dropped more than 1% at one point on Monday. The drop faded as Houthi strikes hit Riyadh's airport, and WTI finished Monday up about 1%. Oil fell again in early Asian trading on Tuesday. Russia was reported to have struck Ukrainian power plants despite the truce.
Why It Matters
Oil near $94 to $108 keeps gasoline costs and inflation worries high. Traders are swinging on every headline from the Middle East and Russia. Our explainer on the geopolitical risk premium shows why oil often falls when conflict fears ease.
Market Impact
Equities
Energy was the best S&P 500 sector on Monday, up 1.45%. Europe's Stoxx 600 rose 0.3% on Tuesday as lower oil helped cyclical stocks.
Rates
Falling oil helped pull Treasury yields lower on Tuesday.
FX
The dollar rose against all seven major currencies on Monday. The Swiss franc lost the most.
Commodities
WTI crude was down about 1.8% on Tuesday after closing near $94.40 on Monday. Brent was near $108 on Monday morning.
Treasury yields dip from the highest levels since 2002
What Happened
Bond yields fell early Tuesday as energy prices dropped. The 10-year yield hit its highest level since 2002 earlier this month. The cash bond market reopened Tuesday after Monday's holiday.
Why It Matters
The 10-year yield sets rates for mortgages, car loans and credit cards. Yields near 5.2% are a main reason investors are nervous about stock prices. See why stocks can rise when interest rates are high for background.
Market Impact
Equities
Lower yields eased pressure on stocks. The S&P 500 is near its record, with futures around 7,856.
Rates
The 10-year yield fell more than 5 basis points on Tuesday. It had held near 5.24% on Friday and Monday, when the cash bond market was closed for Columbus Day.
FX
A lower yield may cool the dollar's recent strength.
Commodities
Gold and Bitcoin both fell on Monday as yields stayed high.
JPMorgan, Wells Fargo, Citigroup and Goldman kick off bank earnings
What Happened
JPMorgan, Wells Fargo and Citigroup report before the open on Tuesday. Goldman Sachs, UnitedHealth and Johnson & Johnson also report. Analysts expect JPMorgan to earn about $5.82 to $5.93 a share on roughly $51 billion in revenue, up from $5.07 and $47.1 billion a year ago. Citigroup is expected to earn about $2.66 a share.
Why It Matters
Banks give the first real read on how healthy the economy and deal-making are this quarter. A strong report could steady a market shaken by chip stocks. New to the topic? Learn what an earnings report shows.
Market Impact
Equities
Options markets imply moves of about 3.6% for JPMorgan and 4.7% for Goldman. Dow futures were up about 0.5% before the open.
Rates
High yields can lift bank income but also raise funding costs and hurt loan demand.
FX
No direct effect expected.
Commodities
No direct effect expected.
Stocks end Monday mixed near record highs ahead of inflation data
What Happened
The Dow gained 195.60 points, helped by a 2% jump in Salesforce after a double upgrade at Bank of America. Tech fell 1.25% in the S&P 500, while energy and staples rose. Both the S&P 500 and the Nasdaq had hit record highs last week.
Why It Matters
Money is rotating from tech into energy and steadier sectors. September inflation data arrives Wednesday.
Market Impact
Equities
The Dow rose 0.38% to 51,850.55. The S&P 500 fell 0.06% to 7,807.24. The Nasdaq fell 0.44% to 27,245.90.
Rates
The 10-year yield held near 5.24%.
FX
The dollar was firmer across the board.
Commodities
WTI rose to about $94.40. Gold fell.
Historical Perspective
Similar Event
In August 2026, a global chip selloff sent the Philadelphia Semiconductor Index down 5% in a day, and Samsung and SK Hynix fell more than 7% in Seoul.
What Happened Then
The drop spread across Asia but did not end the wider rally. The S&P 500 and Nasdaq reached record highs by early October. That suggests chip selloffs can be sharp but short, unless yields or earnings turn worse.
What to Watch Next
- →Bank earnings today: whether JPMorgan beats about $5.9 a share and what its trading and lending results say about the economy.
- →September CPI on Wednesday, October 14 at 8:30 a.m. ET. Forecasts call for headline inflation near 3.6% to 3.7%, up from 3.4%, with core steady near 2.4%.
- →Chip stocks, including Micron, Samsung and SK Hynix, to see if the selloff deepens or stabilizes.
- →Oil and the 10-year yield, which has hovered near 5.24%, as Houthi attacks and the 'energy ceasefire' news develop.
Analysis Confidence
Conviction Level:★★★★★
Key Uncertainties
The U.S. session had not opened when this was written, so Tuesday's index moves and bank results are not yet known. Brent and WTI prices come from different sources and times. Sources differ on the exact CPI release date and forecast, though most point to October 14.
Sources
- • Bloomberg (2026-10-13)
- • Yahoo Finance (2026-10-13)
- • CNBC (2026-10-13)
- • Investing.com (2026-10-13)
- • TheStreet (2026-10-12)
- • BabyPips (2026-10-12)
- • Fortune (2026-10-12)
- • GlobeNewswire (2026-10-12)
- • France24 (AFP) (2026-10-12)