Market Open: Stocks Mixed, Bank Earnings Mixed, Paul Tudor Jones: “It’s Like 1999” • 10/13/26

0:01CNBC Business News Update. I'm Jessica Ettinger. Market open. Major averages are mixed. Memory names have been sliding after a sell-off in Korea. The bank earnings are out. We will get to them in a moment. The Dow up 281 points. UnitedHealth shares leading the Dow higher this morning. UnitedHealth reported strong quarterly results this morning. Those shares up 2.5%. The S &P 500 index is down three points. The Nasdaq down 86 points out of the gate. Chipmaker shares are lower. Micron down 5%. Intel down 2%. AMD down 3 % this morning. A take on the markets overall from Tudor Investments' Paul Tudor-Jones with CNBC's Andrew Ross Sorkin.

0:46I had said something to the effect to you of where do you think we are in the market cycle? And you said something to the effect of maybe it's like 1999. But remember that the market still went up another 40 percent after 1999. So here we are a year later. Where do you think we really are? Boy, it still feels like 1999, a two speed market. You've got it completely, perfectly bifurcated in the sense that you have obviously everything that's adopting AI and everything that's not. And they're going in opposite directions. Tudor Jones is bullish on oil, saying today the U.S. war with Iran could push oil prices up another 20 to 25 dollars a barrel.

1:32U.S. crude today just under 93 dollars a barrel. Brent, the world's benchmark, just above 105 dollars a barrel. J.P. Morgan's profit missed earnings estimates on lower than expected fixed income trading and expenses that grew faster than revenue. Shares initially fell, but then they turned higher. Here's Hightower's Stephanie Link on CNBC. Equity trading at$5 billion was up 49 % year over year. So that's the second best in history. But everything else was kind of soft and kind of sluggish. Wells Fargo with some positives in the quarter. Here's CNBC's Carl Quintanilla. to Nia. The one revenue miss that we really got, although, you know, debit card up eight, credit cards up 12, charge offs are low, delinquencies really aren't trending in a bad direction.

2:18Wells with mixed results and shares are down a half percent out of the gate this morning. Citigroup reported its best third quarter revenue in a decade. Its shares are down about two tenths of a percent. Goldman Sachs posted a massive revenue beat in the last quarter fueled by stock trading and Goldman shares are up almost 2%. Six Flags shares plunged on a report someone died after falling out of a roller coaster at Six Flags over Georgia yesterday. Six Flags has closed parks around the U.S. in response. Visa has been approved by China to set up a local bank card clearing business there after 40 years of working in that country's government.

2:58MasterCard and American Express each got approvals in the last several years. Iran is reportedly fortifying its nuclear sites anticipating U.S. strikes coming after the midterm elections, which are three weeks from today. Anthropic warning that AI models could copy themselves across home devices like Android TV boxes and use their computing power to run themselves and continue to spread without relying on expensive data centers. Anthropic also calls the issue challenging to shut down because there's no centralized place to turn anything off. Jessica Edinger, CNBC. From gas prices to housing prices, from government spending to consumer spending, from the AI boom to the data center backlash.

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