Markets Edge Lower as Earnings Season Begins
On October 13, the S&P 500 edged lower by 0.02%, while the Nasdaq Composite and Dow Jones Industrial Average fell more sharply at 0.15% and 0.35%, respectively. The earnings season kicked off with mixed results from major banks and Johnson & Johnson (JNJ), whose shares dropped nearly 6% after its MedTech division missed sales estimates despite beating profit expectations. The semiconductor sector was under pressure due to news of a breakthrough in DRAM architecture by Chinese competitors, leading to declines for Micron Technology (-3.62%) and SanDisk (-0.34%). Blackstone (BX) also fell 4.18% amid rising Treasury yields and analyst downgrades. Investors are closely watching the earnings season as it provides insight into corporate resilience in a high-yield environment, with particular attention on banks' performance to gauge broader economic health.