Daily Bulletin · Wednesday, October 14, 2026 · pre-market

Chip jitters stall stocks as investors await CPI

S&P 5007,805.59−0.03%Nasdaq27,204.50−0.17%10Y5.22%−0.02WTI$94.68−0.12%Gold$4,154.90−0.14%VIX15.32+0.72%

In brief

Flat close: The S&P 500 slipped -0.03% as bank earnings met a steep overnight drop in South Korea that hit memory chips.¹
Chips slide: The VanEck Semiconductor ETF fell a sixth straight session on AI-bubble fears; the Nasdaq 100 moved -2.12% in five days.²
CPI in focus: September CPI is out today, and Bank of America economists warn a hot print could revive rate-hike talk.³

What it means

JPMorgan raised its net interest income guidance despite a quarterly miss, Wells Fargo was mixed and Goldman Sachs revenue beat.¹ The muted reaction to bank results points to a higher bar this earnings season, especially in tech, where semiconductors carry much of the expected growth.² Futures lean slightly higher, with S&P 500 futures at +0.22% and Nasdaq 100 futures at +0.29% before the open.

The day in review and where money is flowing

Over one month, Technology tops Metravise's sector ranking at -1.0 pts versus the S&P 500, while the weakest sector sits at -11.4 pts. Inside Technology, Electronics & Computer Distribution (+9.6 pts), Semiconductor Equipment & Materials (+5.1 pts) and Semiconductors (+3.1 pts) run ahead of the index. That lead is now being tested, as investors look for reasons to take profits in this year's AI winners, UBP's Vey-Sern Ling said.⁴

Chips: pressure and partnerships

Micron and other memory-linked stocks fell for a second day as investors weighed competition from China's CXMT.⁴ FormFactor and Teradyne announced a broad testing collaboration, with Teradyne making a $300 million equity investment in FormFactor.⁵ Qorvo completed its combination with Skyworks and no longer trades as a standalone stock.⁶

Market mood

The VIX rose +0.72% to 15.32, still in its normal zone. The equity put/call ratio stood at 0.54, below its 5-day average of 0.59, which sits in the average zone. Despite the chip slide, options positioning signals calm rather than fear.

What to watch today

Times are US Eastern (ET).

00:15
US index futures (futures, not the session)Versus the prior close, S&P 500 futures are +0.22% and Nasdaq 100 futures +0.29%; these are futures prices, not the session. The US session opens at 9:30 ET.
Wed 08:30
Consumer price index (CPI)Economists expect headline CPI up 0.5% m/m and 3.6% y/y, with core at 0.2% m/m; an above-consensus print is generally read as hawkish.³
Wed 14:00
Beige BookThe Fed's Beige Book offers a regional read on the economy on the same day as the CPI report.⁷
Wed
ASML Holding NV (ASML) earnings · today before the openCNBC's Jim Cramer said investors will watch whether ASML raises guidance and describes solid demand, a read-through for chip equipment makers.⁸
Wed
Bank of America Corporation (BAC) earnings · today before the openRBC's Cassidy said bank fundamentals remain strong, pointing to Bank of America's gains from assets renewing at higher rates.⁹
Wed
Morgan Stanley (MS) earnings · today before the openInvestors will watch M&A advisory profits and how higher bond yields may affect lending and deal activity.¹⁰
Wed
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) earnings · today after the closeCNBC's Jim Cramer said TSMC's report could be the biggest event for chip stocks, with a strong result possibly sparking a rally.⁸

Metravise Portfolio

PortfolioTuesday change−0.34%
—No entries or exits in the last session.

Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.

Sources

S&P 500 closes near flat after big banks post earnings and memory chip stocks decline — CNBC · Oct 14
Stock futures are little changed as traders await consumer inflation report: Live updates — CNBC · Oct 14
CPI Forecasts Show Moderated Inflation in September, Keeping the Fed on Hold — Morningstar · Oct 12
Micron sinks, other memory-linked names dip for a second day — CNBC · Oct 14
FormFactor and Teradyne Announce Strategic Collaboration to Accelerate Next-Generation Semiconductor Testing — GlobeNewswire · Oct 13
QRVO Stock Quote Price and Forecast — CNN · Oct 13
5 things to know before the stock market opens Monday — CNBC · Oct 13
Jim Cramer week ahead: Bank earnings, ASML and TSMC — CNBC · Oct 10
Wall Street sees buying opportunity in banks as shares tank ahead of earnings — CNBC · Oct 10
Goldman Sachs, Morgan Stanley have earnings momentum and are reporting this week. There are others — CNBC · Oct 13