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Stock Market Update
October 13, 2026
UPGRADES
The corporate earnings season has begun in full force.
JPMorgan Chase reported a rare bottom line miss, while Wells Fargo’s Q3 results were mixed. Citigroup earnings topped estimates, though revenue was barely above the consensus, while Goldman Sachs posted a huge beat on both the top and bottom lines. UnitedHealth, meanwhile, topped estimates and raised its full-year profit outlook.
Despite the uneven start to the reporting period, FactSet data shows year-on-year S&P 500 earnings growth is still tracking at nearly 30%. However, the bulk of that expansion is expected to come from two sectors: energy and tech.
Oil companies are expected to report sharp profit jumps as oil prices remain elevated due to the war in the Middle East. Tech, meanwhile, is forecast to continue raking in cash from the artificial intelligence buildout.
DOWNGRADES
Legendary hedge fund manager Paul Tudor Jones told CNBC that next year could be a tough one for the stock market because of increased equity supply from big tech IPOs coming down the pipe, as well as a potential reckoning from the ballooning U.S. fiscal deficit.
“2027 is going to be really, really challenging for the stock market,” Jones told “Squawk Box” on Tuesday. “You’ve probably got the most negative flow picture for the U.S. stock market that we’ve had, say, since 2002.”
The founder and chief investment officer of Tudor Investment said that corporate buybacks, along with mergers and acquisitions, have been a tailwind for the stock market for most of this four-year bull market as they decreased the equity supply.
NEWS
Anthropic plans to disclose its third-quarter financials for the first time at a meeting with potential investors on Wednesday as the artificial intelligence giant prepares for what could be the largest initial public offering in history.
San Francisco-based Anthropic will release the numbers to a group of institutional investors, according to two people familiar with the matter, who asked not to be named because the details were confidential.
Bloomberg first reported that the meeting was happening. Anthropic declined to comment.
The meeting comes as revenue numbers from the private AI giants have proven to have an outsized impact on broader markets.