JPMorgan misses as bank earnings kick off; stocks dip before CPI — October 14, 2026

Top U.S. Stories

• Big banks open earnings season with mixed results. JPMorgan Chase earned $15.3 billion, or $5.57 a share, up from a year ago but short of the $5.93 analysts expected. Goldman Sachs posted strong equities trading, while Wells Fargo and Citigroup beat forecasts. Why it matters: Banks see the whole economy. Jamie Dimon credited business investment and consumer spending but flagged large deficits, sticky inflation and rising rates.
• September CPI lands today. The report is due at 8:30 a.m. ET, with forecasters expecting headline inflation to pick up on gasoline prices while core stays roughly steady. Why it matters: A hot reading would raise the odds of another Fed hike at the late-October meeting — and push mortgage and credit-card rates in the wrong direction.
• Saudi-Houthi fighting drags on. Saudi Arabia intercepted more Houthi missiles and drones on Tuesday, while the Houthis said Saudi jets struck Yemen’s northern border and western coast. Why it matters: The conflict keeps a floor under oil, and therefore under gasoline prices ahead of the midterms.
• Trump insists the energy truce is holding. The president said Russia and Ukraine “agreed” to an energy ceasefire while acknowledging violations on both sides; a Russian drone killed a woman in Kyiv and the Kremlin would not confirm it signed on.
• Ambassador asked to go. The White House asked U.S. Ambassador to Greece Kimberly Guilfoyle to resign.

Compass Insight

Tuesday was a day of quiet indexes and loud crosscurrents. The S&P 500 barely moved, yet underneath it, memory-chip stocks sold off on news of a Chinese competitor’s progress while energy held up on Middle East risk. Bank results told a similar story: earnings are growing, but even the strongest lender missed estimates on securities losses and higher costs. The common thread is that the market is priced near records while inflation and long-term rates stay elevated. In the short term, today’s CPI is the swing factor — a hot print could revive rate-hike bets and test those record levels. Over the longer run, watch whether oil stays above $100 Brent and whether the AI-chip trade can absorb new competition without a deeper reset.

Markets

• The Dow fell 180.45 points to 51,670.10, the S&P 500 slipped 1.79 to 7,805.45 and the Nasdaq lost 41.52 to 27,204.38.
• Oil was mixed: Brent settled down 96 cents at $105.69, WTI up 40 cents at $94.14, as hopes for more Russian diesel offset Gulf supply fears.
• In Tokyo, the Nikkei 225 dropped 1,253.40 points (1.82%) to 67,777.52 on chip weakness, though the broader TOPIX edged up.
• The dollar stood at ¥158.12 (ECB reference rate, Oct. 13).
• The IMF raised its 2026 global growth forecast to 3.1%, up 0.2 point from July.

Stocks in Focus

• Memory chips (Micron, Samsung, SK Hynix): Sold off after China’s CXMT reported progress on a new memory design, raising competition worries; the selling spilled into Tokyo chip names like Kioxia and Advantest.
• Big banks: JPMorgan’s miss contrasted with beats at Wells Fargo and Citi; Goldman benefited from a 72% jump in equities revenue.

Auto-generated and AI-written. Not investment advice.