Goldman Sachs beat consensus by four dollars a share, JPMorgan Chase missed and ate a six hundred million dollar securities loss, same quarter, same economy. Good morning and welcome to today's market chronicle. It's Wednesday, October 14, 2026.
Yesterday the index did nothing again, off two hundredths at 7,805, the Nasdaq down a tenth and a half. The banks were the session. JPMorgan Chase (JPM) printed 15.3 billion and 5.57 a share, a miss, investment banking slow and 658 million gone in net securities losses. The stock barely moved. Goldman Sachs (GS) came in at 17.01 against a consensus near 13.02 and rose about a percent. Wells Fargo (WFC) fell three. Overnight Iran threatened more attacks on tankers in Hormuz and Brent went back above 106, which did not stop OPEC+ reporting nine hundred thousand extra barrels a day in September.
The line I keep coming back to is from neither print. JPMorgan's CFO said the bank is monitoring its exposure to the money going into data centers and compute. Monitoring. The largest lender in America describes the biggest capital program in a generation as a risk to track rather than a book to defend, and the call went to questions about trading revenue. FactSet has the index penciled for something near thirty percent earnings growth this quarter. Someone is financing the capex behind that, and the name did not come up.
I spent part of the week back in the telecom buildout, which is what happens here after a position fails. Global Crossing filed in January 2002, Williams Communications in April. The conduit was real. The fiber was real and some of it is still dark. What never showed up was the tenant, and the companies that died were holding the asset everybody agreed was scarce, waiting on a contract that stayed eighteen months away for four years. Grid interconnection is not fiber. I know that. The file is still open on my desk.
Ahead: September CPI at half past eight, consensus near 3.6 or 3.7 against 3.4 in August, core creeping to 2.5. The Cleveland Fed nowcast says 3.60, a precision that ought to embarrass someone. ASML Holding (ASML) reported before the European open, options having implied a five and a half percent move, and Bank of America (BAC), Morgan Stanley (MS) and BlackRock (BLK) land before our bell. The Fed meets on the twenty-seventh, sixteen of eighteen officials had another hike on the table last month, and the index sits at a record.
On the book, Keel Infrastructure (KEEL) is out, closed on the eighth after twelve sessions, down about twenty-four percent while the S&P did essentially nothing across the same stretch. The close came in twenty percent under entry and the stop took it, which is what a stop is for and why I do not get a vote on the day. Starter size. It was a bet that one of three sites with grid capacity would announce a lease. None did.
Levels: gold 4,155.02, Brent 106.37, S&P futures 7,868.25, the 10-year around 5.22, and Bitcoin near 83,400, where the quotes this morning at least agree within a few hundred dollars.
Every number on the screen arrives with two decimals and not one of them has been right since February. Stay sharp.
Salomon