Wall Street faced conflicting signals on Tuesday, Oct. 13, 2026, as disappointing earnings from JPMorgan Chase collided with another major selloff in semiconductor stocks. The major indexes traded in negative territory, with the Dow shedding nearly 174 points by 1 p.m. Eastern time.
Bitcoin staged a recovery during the turmoil, climbing toward $83,445 after briefly falling below $81,000 amid a liquidation wave that erased between $728 million in leveraged cryptocurrency positions across crypto markets. Long positions accounted for approximately 83% to 89% of those liquidations.
Mixed Banking Earnings Signal Uncertainty
JPMorgan Chase reported earnings per share of $5.57, or approximately $5.75 after adjusting for certain securities losses, missing Wall Street's roughly $5.90 consensus estimate. Revenue also fell short, landing between $50.2 billion and $50.9 billion.
Goldman Sachs delivered a contrasting performance, reporting earnings of $17.01 per share on $18.68 billion in revenue, propelled by a 72% year-over-year jump in equities trading revenue to $6.44 billion. Wells Fargo posted slightly better-than-expected earnings but disappointed on revenue, while Citigroup delivered results broadly in line with expectations.
Semiconductor Sector Extends Losses
Semiconductor stocks faced consistent selling pressure, with the Philadelphia Semiconductor Index shedding approximately 1.5%, extending its losing streak to five consecutive sessions and touching its lowest level in roughly four weeks. Memory and storage manufacturers absorbed some of the heaviest losses, with Micron Technology declining between 3% and 4.5%, while Seagate Technology and Western Digital suffered losses approaching or exceeding 6%.
The selling followed reports that Chinese memory manufacturer CXMT had made technological advances in higher-density memory architecture, raising fresh concerns about competitive pressures. Broadcom CEO Hock Tan compared certain artificial intelligence investment practices to "casino gambling."
The pressure extended beyond U.S. markets. South Korea's benchmark KOSPI index tumbled more than 5%, with Samsung Electronics and SK Hynix suffering substantial declines.
Cryptocurrency Markets React to Broader Pressures
Bitcoin perpetual futures funding rates remained modestly positive, ranging from approximately 0.0037% to 0.0079% per eight-hour interval, while long positions represented roughly 54% to 55%. Among the top five cryptocurrencies, bitcoin was the only one posting a meaningful 24-hour gain at 1%, with XRP suffering the steepest seven-day decline at 10.2% and ethereum down 7.7%.
Market participants faced resistance around $84,000 to $84,250 for bitcoin, with support near $82,000 and a recent low around $80,948. Wednesday's consumer price index report looms as a potential market catalyst, followed by producer price data on Thursday.
