Market Briefing, Oct 13 2026: JPMorgan's Rare Miss Opens Bank Season Amid a Chip-Stock Rout

Market Briefing — Tuesday, October 13, 2026

Asian chip stocks cratered overnight — Samsung and SK Hynix each fell near 8% and the Kospi slid 6.5% — as fears over Chinese memory competition and crowded AI-capex positioning spilled into US futures. Back home, JPMorgan kicked off bank earnings season with a rare miss and fell premarket, while UnitedHealth jumped on a beat-and-raise quarter. The next few hours are about absorbing three more bank and healthcare prints before the open and watching whether dealer positioning around 778-780 on the S&P keeps the tape pinned.

Where the Indexes Stand

Five Things That Matter Today

1. Chip rout slams Asia, drags Nasdaq futures. Samsung and SK Hynix each fell roughly 8% and the Kospi slid 6.5% overnight on fears over Chinese memory competition, pulling Nasdaq 100 futures down as much as 0.8%.
2. JPMorgan's rare miss sets a cautious tone. EPS of $5.57 missed the $5.90 estimate and revenue of $50.91B came in below $51.22B expected; shares fell about 3.5% premarket.
3. UnitedHealth beats and raises guidance. EPS of $4.69 topped the $4.12 estimate and FY26 guidance was lifted to at least $20.50 a share; shares rose about 2.6% premarket.
4. Dealer gamma still caps SPY near 778-780. The call wall sits at 780 and the put wall at 778, with options flow tilting bearish into Monday's close.
5. Oil slips, yields stay elevated. WTI crude eased to about $92.80 (-1%) while the 10-year Treasury yield held near 5.24%.

Market Setup

Key Levels (Dealer Gamma)

Call walls mark strikes where dealer hedging may slow rallies; put walls mark strikes where hedging may cushion dips. These are options-derived positioning estimates, not guarantees.

Today's Calendar (ET)

Notable Earnings

Already reported: JPMorgan Chase missed (EPS $5.57 vs. $5.90 est.; revenue $50.91B vs. $51.22B est.; shares -3.5% premarket). Wells Fargo edged past estimates (EPS $1.87 vs. $1.85) but missed on revenue ($21.87B vs. $22.3B est.). UnitedHealth beat on both lines (EPS $4.69 vs. $4.12 est.) and raised FY26 guidance to at least $20.50 a share; shares +2.6% premarket.

Still ahead before the open: Goldman Sachs (consensus EPS $12.90, options imply ±$31.75), Citigroup (consensus EPS $2.66, ±$4.54 implied), Johnson & Johnson (consensus EPS $2.53, ±$8.16 implied), Domino's Pizza (consensus EPS $4.33, ±$17.28 implied) and Albertsons (consensus EPS $0.31).

After the close: AZZ Inc. — options imply a ±5.5% ($7.57) move on consensus EPS of $1.82.

Notable Options Flow

What to Watch

Three bank prints (Goldman Sachs, Citigroup) and Johnson & Johnson still have to clear before the open, and any of them could set the tone after JPMorgan's miss. Keep an eye on whether SPY holds the 778 put wall and whether the overnight chip weakness (Micron, Samsung, SK Hynix) bleeds into broader Nasdaq trading once the bell rings. Oil's pullback and still-elevated 10-year yields are a secondary cross-current worth tracking into the afternoon Treasury statement.

Sign-off

That's the setup heading into the bell — a rare JPMorgan stumble, a UnitedHealth beat-and-raise, and an overnight chip-stock rout all landing on the same morning. Trade safe out there.