US stock futures were mixed on Tuesday, October 13, as investors assessed quarterly earnings from major banks while renewed weakness in semiconductor shares weighed on technology stocks.
Futures linked to the S&P 500 remained largely unchanged, while those tracking the Dow Jones Industrial Average advanced. Nasdaq 100 futures fell as investors continued selling shares in chipmakers amid concerns about increasing competition from China.
JPMorgan Chase, Wells Fargo, Goldman Sachs and Citigroup were among the major financial institutions reporting third-quarter results as the US earnings season gathered pace. JPMorgan and Wells Fargo recorded higher profits, supported by investment banking activity, trading income, loan growth and interest income.
However, stronger earnings did not guarantee gains in their share prices, as investors assessed the results against market expectations and the outlook for the coming quarters.
Technology stocks faced additional pressure following reports of advances by Chinese memory-chip manufacturer ChangXin Memory Technologies (CXMT). The developments raised concerns about future competition for established semiconductor producers, including Nvidia, AMD and Micron Technology.
The weakness followed a broader sell-off in chip stocks on Monday, reflecting growing uncertainty over the sustainability of valuations linked to artificial intelligence investments.
Investors are also monitoring geopolitical tensions, elevated oil prices and rising government bond yields, which could influence inflation and the outlook for US interest rates.
Third-quarter earnings across S&P 500 companies are projected to grow by 30.6% year-on-year, according to estimates compiled by LSEG.
Upcoming US inflation and retail sales figures are expected to provide further clues about economic conditions and the Federal Reserve’s next policy decisions.
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