Nasdaq ends down as chipmakers fall and bank earnings roll in

Nasdaq ends down as chipmakers fall and bank earnings roll in

By Noel Randewich

Tue October 13, 2026  

The big banks missed estimates in today’s Q3 reporting and that sent all three indexes down, the Dow logically hit the heaviest down 3-digits. But earlier the tech indexes were hit much heavier, the Nasdaq down 130 by noon but then recovering to much more modest losses by close. Ditto for the S&P. What didn’t make sense is that both Citi and Goldman Sachs beat estimates but still fell. And despite expectations of a strong Q3, the S&P is trading at 19x, its lowest multiple in three years.  

Still, the S&P has rallied 14% this year and the chip index, though losing 8% this past week, is still up 70% for the year. Optimism over a strong Q3 has kept the S&P earnings growth forecast over 30%. Q3 optimism has made investors overlook the other existential problems such as inflation and the war. Awaiting more Q3 and inflation reports later this week, volume remains well below the 17.6 average, closing at 14.8 billion. 

DJ: 51,850.55  +195.60       NAS: 27,245.90  -120.27         S&P: 7,807.24  -4.30             10/12

DJ: 51,670.10  -180.45        NAS: 27,204.38  -41.52           S&P: 7,805.45  -1.79             10/13

Tue 10-13-26 5:05 pm Nasdaq ends down as chipmakers fall and bank earnings roll in | Reuters