Bank Earnings Fail to Lift Markets as Inflation Anxiety Persists

The Dow finished at 51670.10, down 0.35%, while the S&P 500 slipped 0.02% to 7805.45 and the Nasdaq shed 0.15% to 27204.38. Market participants remain fixated on Wednesday’s upcoming Consumer Price Index report, with economists anticipating inflation to rise to 3.6% for September. This underlying tension overshadowed strong quarterly results from financial heavyweights including JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo.

Sector-specific pressures exacerbated the decline. Chipmakers faced a significant downturn, with Micron Technology and Applied Materials struggling as semiconductor ETFs extended their losing streak to six days—the longest since May 2025. This sell-off follows warnings from Elon Musk regarding the rapid scaling capabilities of Chinese memory firm CMXT. Meanwhile, Johnson & Johnson shares tumbled 5.7% to $248.61 after the company reported disappointing medical-device sales and signaled a potential spinoff of its orthopedic business. In a separate development, Six Flags shares plunged 14% to $10.20 following a fatal accident on a Georgia roller coaster, triggering broad ride closures across the company's parks.