The Dow Jones Industrial Average’s three-day winning streak ended on October 13, 2026, slipping approximately 0.2 to 0.4 percent, or 137 to 180 points, while the S&P 500 and Nasdaq Composite also edged lower. The trigger was an unusual one: Broadcom CEO Hock Tan likened AI investing to casino gambling, combined with reports that Chinese memory chipmaker ChangXin Memory Technologies (CXMT) has made progress on a new DRAM architecture. Micron Technology saw its shares drop approximately 4 to 6 percent, and the Philadelphia Semiconductor Index extended its losing streak to five or six sessions, its longest run of declines in over a year. The pullback arrived as third-quarter earnings season kicked off, with JPMorgan Chase reporting mixed results, and was accompanied by investors rotating money out of growth and technology stocks into value sectors such as energy and financials. Treasury yields remain around 5.24 percent, a level that tends to weigh on high-valuation growth stocks.
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