Memory Chip Stocks Sink on China's CXMT Claim as UnitedHealth and J&J Raise Guidance

U.S. stock futures were mixed before Tuesday's open on October 13, 2026, and the split was all about chips. As of 12:45 p.m. in London, Dow futures were up 0.17%, while S&P 500 futures were down 0.11% and Nasdaq-100 futures were down 0.66%, according to Sharecast. Bank earnings set the tone for financials, but the bigger story for tech traders came out of Asia overnight.

Why memory chip stocks are falling

ChangXin Memory Technologies (CXMT), China's leading DRAM maker, said over the weekend that it plans to launch a server memory product using a new 4F² cell design before the end of 2026. Tom's Hardware reports that the first product will be a DDR5 server RDIMM and that the vertical-transistor design cuts each cell's footprint by about a third on paper, though CXMT has not shared speeds or capacities. TrendForce also covered the push.

Investors took it as a competitive threat to the memory leaders. Quartz reported that SK Hynix fell more than 10% in Seoul and Samsung Electronics dropped 7.4%, with South Korea's Kospi down 5.5%. In Japan, SoftBank Group sank 8.5% and Tokyo Electron fell 7.2%. In Europe, ASML slipped 3.3% and STMicroelectronics and Infineon each lost about 5%.

U.S. names followed. CNBC said U.S.-listed SK Hynix shares, Western Digital and Seagate each fell more than 5% premarket, Micron shed 3.7% and Sandisk declined 4.6%. That came on top of Monday, when Micron lost about 3.9% and the Nasdaq Composite closed down 0.44%. Dow Jones' morning briefing added that AMD and Intel were also under pressure.

Not everyone thinks the reaction fits the news. Rayliant's Phillip Wool told CNBC the selloff was out of proportion to the near-term threat, because CXMT has not proven it can manufacture at volume. "More importantly, we're not even talking about HBM here," he said, referring to the high-bandwidth memory used in AI accelerators, where the Korean makers dominate. UBP's Vey-Sern Ling said investors are "looking for excuses to take profit on AI-related stocks that have outperformed this year, especially memory stocks."

UnitedHealth beats and lifts its outlook

UnitedHealth Group reported adjusted earnings of $4.69 per share on revenue of $112.69 billion, beating LSEG estimates of $4.14 and $111.40 billion, CNBC reported. It raised its 2026 adjusted earnings outlook to at least $20.50 per share, from $19.50 to $20.

The key number was the medical cost ratio, the share of premiums paid out as care. It came in at 88.4%, below the 89.9% StreetAccount consensus, which means better margins. CFO Wayne DeVeydt cautioned that medical costs "continue to be elevated versus historical norms," pointing to inpatient care and specialty drugs. The shares rose 2% to 3% in premarket trading.

Johnson & Johnson tops estimates, but MedTech disappoints

J&J earned an adjusted $2.59 per share on $25.4 billion of sales, ahead of LSEG estimates of $2.54 and $25.28 billion, according to CNBC. It nudged its 2026 sales outlook to about $101.2 billion at the midpoint and lifted its adjusted EPS midpoint to $11.10 from $11.04, per the company's release.

Pharmaceutical sales rose 7.7% to $16.76 billion, led by a 68% jump in immunology drug Tremfya to $2.4 billion. The weak spot was medical devices: MedTech sales rose only 2.5% to $8.6 billion, short of the $8.71 billion estimate, and CFO Joe Wolk said the Middle East conflict is diverting healthcare budgets in the Gulf toward defense. J&J also said it is targeting mid-2027 to spin off its DePuy Synthes orthopedics unit. The stock, up 27% this year through Monday, fell about 2% before the bell.

Oil, yields and the rest of the tape

Energy eased a little. December Brent crude fell 0.9% to $105.73 a barrel and December WTI fell 1.1% to $91.81, according to the Dow Jones briefing, which also said Treasury yields were lower, helped by cheaper oil and the pullback in AI stocks. Other premarket movers on CNBC's list included Domino's Pizza, down nearly 3% on U.S. same-store sales growth of only 0.3%, and Syndax Pharmaceuticals, down 14% after a failed Phase 2 trial. Investors were also watching the NFIB small business index and scheduled remarks from Fed officials Christopher Waller and Tom Barkin, TipRanks noted. For the banks, see our Q3 bank earnings recap.

September CPI on Wednesday: what to expect

The September consumer price index is due Wednesday, October 14, at 8:30 a.m. ET (release schedule). Morningstar, citing FactSet, says economists expect headline CPI to rise 0.5% for the month and 3.6% from a year ago, up from 3.4% in August, mostly because of energy. Core CPI is seen rising 0.2% for the month and 2.4% over the year.

The stakes are high because the Fed raised rates in September for the first time since 2023 and most officials penciled in another hike this year. As of Monday, Morningstar said markets priced about a 22% chance of a hike at the October 27 and 28 meeting, down from 55% right after the September decision. Bank of America economists warned that a hot core reading "would likely revive speculation that the Fed may need to continue its tightening cycle." For background, see our coverage of August CPI and the September hike.

Where Loomi fits

A tech-led selloff the day before CPI is when position size matters more than direction. Loomi's VIX Gate scales exposure to the volatility regime, so a strategy trades smaller when implied volatility rises into a release. The GEX regime view shows whether dealer positioning in Nasdaq futures is likely to cushion or extend a chip-driven move, and the Desk puts the earnings calendar, options flow and regime readings on one screen. You can check each system's track record on our published results page.

— Rowan Ellery, Markets Editor, Loomi.Ai. Questions or corrections? See our research methodology.

FAQ

Loomi.Ai provides educational market research, not financial advice. Nothing here is a recommendation to buy or sell any security. Trading stocks, futures and options involves substantial risk of loss. Estimates and schedules cited were current at publication and can change.

Sources

• US pre-open: Futures mixed as Q3 earnings season kicks off, Sharecast
• North American Morning Briefing: Stock Futures Mixed as Bank Earnings Kick Off Earnings Season, Dow Jones via Morningstar
• U.S. Stock Futures Mixed Ahead of Big Bank Earnings, TipRanks
• Global chip stocks are sinking as China's CXMT claims a denser memory chip design, Quartz
• CXMT president says company's first 4F² DRAM will be a server DDR5 RDIMM due by year-end, Tom's Hardware
• CXMT Accelerates 4F² DRAM Push, Eyes Year-End Server DDR5 RDIMM Launch, TrendForce
• Stocks making the biggest moves premarket: JPMorgan Chase, Micron, UnitedHealth & more, CNBC
• UnitedHealth Group tops estimates, hikes profit outlook, CNBC
• J&J beats earnings estimates, eyes hip-knee unit spinoff by mid-2027, CNBC
• Johnson & Johnson reports Q3 2026 results, raises 2026 guidance, Johnson & Johnson
• CPI Forecasts Show Moderated Inflation in September, Keeping the Fed on Hold, Morningstar
• September CPI Preview: October 14, 2026 at 8:30 AM ET, StockMarketHours