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

Episode Date: October 13, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CNBC 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. United Health shares leading the Dow higher this morning. United Health reported strong quarterly results this morning. Those shares up two and a half percent. The S&P 500 index is down three points. The NASDAQ down 86 points. 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. I 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% 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. U.S. crude today, just under $93 a barrel. Brent, the world's benchmark, just above $105 a barrel. J.P. Morgan's profit missed earnings estimates on lower than expected, fixed income trading and expenses that grew faster than revenue.

Shears 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 Kintanilla. The one revenue missed that we really got, although, you know, debit card up eight, credit cards up 12, chargeoffs are low.

Delinquencies really aren't trending in a bad direction. Wells with mixed results and shares are down a half percent out of the gate this morning. City Group 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, MasterCard 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 Eddinger, CNBC. From gas prices to housing prices, from government spending to consumer spending, from the AI boom to the data center backlash. How will this election hit your pocketbook and your portfolio? Continuing coverage. The economy election, CNBC.