Wall Street Little Changed as Goldman Sachs Surges and JPMorgan Falls Short

The S&P 500 stood little changed at 7,805.37 on October 13, down 0.02% from the prior session's 7,807.24, as a mixed batch of major earnings reports and a stronger-than-forecast housing data release defined the day.

What happened

The NASDAQ 100 closed at 30,569.48, down 0.31% from a prior close of 30,664.70. Four major financial institutions reported pre-market earnings on the day, alongside results from Johnson & Johnson and Domino's Pizza.

Goldman Sachs delivered the standout result, reporting EPS of 17.01 USD against an estimate of 12.86 USD, and revenue of 18.68 billion USD against an estimate of 16.83 billion USD. Citigroup also came in ahead of its figures, with EPS of 2.85 USD against a 2.65 USD estimate and revenue of 23.84 billion USD against a 23.72 billion USD estimate. Johnson & Johnson reported EPS of 2.59 USD against a 2.52 USD estimate and revenue of 25.4 billion USD against a 25.38 billion USD estimate. Domino's Pizza posted EPS of 4.6 USD against a 4.36 USD estimate and revenue of 1.19 billion USD against a 1.17 billion USD estimate.

JPMorgan Chase reported EPS of 5.75 USD, below the 5.93 USD estimate, and revenue of 50.17 billion USD, below the 51.23 billion USD estimate.

On the macro side, US existing home sales rose to 3.99 million units in September against an estimate of 3.95 million, with the monthly change coming in at 1.5% against an estimate of -0.3% and a prior reading of -3.2%. The prior month's level had been 3.93 million units.

Why it matters

Goldman Sachs's result — EPS of 17.01 USD against a 12.86 USD estimate — was the largest positive gap among the day's reporters. JPMorgan reported EPS of 5.75 USD, below the 5.93 USD estimate, and revenue of 50.17 billion USD, below the 51.23 billion USD estimate, while Citigroup, Johnson & Johnson and Domino's Pizza each came in ahead of their respective estimates.

The housing data adds a separate layer of context. A monthly gain of 1.5% against an estimate of -0.3%, reversing the prior month's decline of 3.2%, points to resilience in the real estate market. The 10-year Treasury yield stood at 5.216%, down 2.4 basis points from the prior close of 5.24%, a move that bears on rate-sensitive assets including housing. Elevated yields have been a persistent drag on affordability, making the September rebound in sales volumes a closely watched data point.

The US Dollar Index was at 102.0020, down 0.21% from the prior close of 102.2130. Gold futures were at 4,180.8 USD, down 0.23% from the prior close of 4,190.6 USD. The softer dollar and lower yields moved broadly in the same direction, reflecting a shift in rate expectations that also colored the equity session.

What to watch next

The earnings calendar remains dense, with more major financial and industrial names scheduled to report in the coming sessions. The 10-year Treasury yield, still above 5.2%, will continue to be a key reference for equity valuations and mortgage rates alike. The dollar's direction will also be monitored closely, given its influence on the earnings of multinationals reporting in the weeks ahead. Housing data will remain in focus after September's existing home sales reversed the prior month's decline of 3.2%.