Good morning, it’s Tuesday, October 13, 2026. Two stories are fighting for control of today’s open.

JPMorgan, Goldman Sachs, Citi and Wells Fargo report before the bell. Meanwhile, a memory-chip selloff out of Asia has Nasdaq futures down about half a percent.

Oil is cooling off, but Brent is still north of $104.

The setup: Tech may open under pressure, but the banks get the first real say on whether 5% Treasury yields and a weak jobs market are starting to hurt the consumer.

➤ “Elon’s iPhone killer is coming” →
(from Stansberry Research)

What's moving the market: South Korea’s KOSPI fell 6% as Samsung and SK Hynix dropped after Chinese memory maker CXMT announced progress on a new memory-cell design.

Oil slipped after gaining nearly $2 a barrel Monday, as traders weighed attacks on Saudi Arabia and tankers near the Strait of Hormuz against the possibility of more Russian diesel supply.

TODAY’S CATALYSTS

Most important: JPMorgan’s loan-loss reserves. The economy added only 29,000 jobs in September, so rising reserves would signal that the hiring slowdown is reaching borrowers.

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Earnings season starts with Wall Street’s biggest lenders, and expectations are high. LSEG consensus has JPMorgan earning $5.94 a share, up from $5.07 a year ago. Wells Fargo is expected at $1.85 versus $1.66.

The stocks don’t reflect that optimism. The bank index has fallen about 13% from its August peak.

The reason is rates. The Fed raised its target rate in September, putting the upper bound at 4%. Higher rates help lending margins, but they also strain borrowers and can slow dealmaking.

There’s more riding on today than bank stocks. FactSet expects S&P 500 companies to report 29.6% profit growth from a year earlier.

What this means for investors: Pay more attention to the guidance than the beat. Credit trends and Q4 net interest income outlooks will tell you more than last quarter’s EPS.

The AI trade has a new worry, and it’s coming from Beijing.

CXMT says its new design packs more storage into less physical space. The company aims to launch a server memory product built on it by the end of 2026.

The reaction was severe. Samsung fell 7.4%, SK Hynix dropped 10%, and SoftBank lost 8%. In U.S. premarket trading, Micron is down 2.5% and Nvidia is down 0.6%.

Broadcom’s CEO didn’t help. Hock Tan compared AI speculation to a casino and said many investors don’t understand what they own.

The takeaway: memory has always been a cyclical, commodity-like business. New competition puts pricing power at risk.

Silicon Valley billionaires are hoarding guns, gold, and even military grade gas masks... or fleeing the country altogether.

What do they know that you don't?

This AI insider is stepping forward with this time-critical message: Move your money before October 31st, ahead of the dangerous next phase of the AI market.

Here's the one urgent move you need to make with your money immediately.

If yields stay above 5%: Long-duration tech stays under pressure. For income investors, CDs and Treasuries are paying more than they have in decades.

If oil holds above $100: Producers keep benefiting, while airlines and consumer spending get squeezed. Gas prices have now tied 2022’s record for the most days above $4 a gallon in a single year.

If memory-chip competition intensifies: Expect more volatility in semiconductors, especially the memory names that led the AI run.

The opportunity: Natural gas pipelines that feed power plants serving AI data centers.

Why now: Energy Transfer agreed last week to buy Vaquero Midstream, expanding a network that already supplies gas to power plants serving data centers.

Bull case: You get exposure to AI electricity demand, plus distributions, without chip-level volatility.

Risk: High rates raise borrowing costs for capital-intensive operators.

Watch: Whether pipelines keep outperforming if chip stocks keep sliding.

The 10-year eased to 5.193% this morning, below last week’s 24-year high of 5.364%.

Don’t read too much into the relief. Saxo Bank’s Charu Chanana called the bond rebound a tactical rally rather than a sustained recovery.

Watch: Tomorrow’s September CPI. Markets now price an 80.6% chance the Fed holds this month, up from 51% a month ago.

Money is rotating out of tech and into energy. On Monday, the Nasdaq 100 fell 0.74% while the Dow gained 0.31%.

The flat S&P is hiding that shift. Energy gains are offsetting losses in the largest tech holdings.

Insiders are also trimming. Robinhood’s CEO sold $42.6 million of stock, and Cathie Wood sold another $38 million.

Big Bank Q3 EPS: Year-Ago Actual vs. Today's Estimate

Analysts expect year-over-year EPS growth of roughly 17% at JPMorgan, 11% at Wells Fargo and 8% at Citi.

That’s a high bar for a sector that has lost 13% since August. A beat may already be priced in. A miss on credit quality is not.

Banks are the most important variable this morning, and credit quality is the most important line in their reports. The chip selloff is a reminder of how concentrated the AI trade has become.

With CPI tomorrow, we’d stay balanced: keep exposure to real assets, and keep some cash ready if tech volatility creates better entry points.

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