{"id":72944,"date":"2026-10-13T10:38:17","date_gmt":"2026-10-13T14:38:17","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/financial-markets-brief-bank-earnings-surge-housing-beats-and-geopolitical-tensions-rise\/72944\/"},"modified":"2026-10-13T10:38:17","modified_gmt":"2026-10-13T14:38:17","slug":"financial-markets-brief-bank-earnings-surge-housing-beats-and-geopolitical-tensions-rise","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/financial-markets-brief-bank-earnings-surge-housing-beats-and-geopolitical-tensions-rise\/72944\/","title":{"rendered":"Financial Markets Brief: Bank Earnings Surge, Housing Beats, and Geopolitical Tensions Rise"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>) reported a massive Q3 earnings beat<\/strong> with EPS of <strong>$17.01<\/strong> against the <strong>$13.09<\/strong> estimate, driven by a <strong>72% surge<\/strong> in equities revenue.<\/li>\n<li><strong>US Existing Home Sales rose 1.5% in September to a 3.99M annual rate<\/strong>, defying expectations of a decline and marking a resilient turn for the housing sector.<\/li>\n<li><strong>Wells Fargo (<a href=\"\/stock\/WFC\">WFC<\/a>) CEO Charlie Scharf warned of &quot;sticky inflation&quot;<\/strong> and geopolitical risks even as he described the US economy as &quot;extremely strong.&quot;<\/li>\n<li><strong>Geopolitical tensions spiked in the Middle East<\/strong> following reports of a third oil tanker catching fire in the <strong>Strait of Hormuz<\/strong> after allegedly striking a naval mine.<\/li>\n<li><strong>New White House Press Secretary Katie Zacharia<\/strong> used her first briefing to announce that the administration has asked <strong>Ambassador Kimberly Guilfoyle<\/strong> to resign.<\/li>\n<\/ul>\n<h2>Bank Earnings: Goldman Sachs and Wells Fargo Diverge<\/h2>\n<p>Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>) delivered a blockbuster third-quarter performance, reporting net revenues of <strong>$18.68 billion<\/strong>, a <strong>23% increase<\/strong> year-over-year. The results were propelled by a dominant performance in Global Banking &amp; Markets, where <strong>equities revenue hit $7.42 billion<\/strong>. Despite the strong beat, the stock turned negative in afternoon trading after an initial <strong>4.1% pop<\/strong>, as investors weighed a <strong>$500 million increase<\/strong> in non-compensation expenses and rising credit-loss provisions.<\/p>\n<p>Wells Fargo (<a href=\"\/stock\/WFC\">WFC<\/a>) CEO <strong>Charlie Scharf<\/strong> maintained a &quot;big time bullish&quot; outlook on the US economy but highlighted several persistent headwinds. Scharf noted that while consumer spending remains robust, <strong>&quot;sticky inflation&quot;<\/strong> and volatile energy markets continue to create uncertainty. Additionally, Scharf expressed skepticism regarding the immediate utility of <strong>stablecoins<\/strong> in the US, stating that while the bank is building solutions to be prepared, current use cases remain &quot;unclear.&quot;<\/p>\n<h2>Housing Market Shows Unexpected Resilience<\/h2>\n<p>The US housing market provided a positive surprise as <strong>September existing home sales rose to a 3.99 million annual rate<\/strong>, surpassing the estimated <strong>3.95 million<\/strong>. This <strong>1.5% monthly increase<\/strong> comes despite mortgage rates hovering near three-year highs. The <strong>median home price<\/strong> for existing homes reached <strong>$417,500<\/strong>, a <strong>1.3% increase<\/strong> from September 2025, marking the 39th consecutive month of year-over-year price gains.<\/p>\n<p><em>Market analysts suggest the rebound may reflect a rush to close contracts before further rate hikes<\/em>, rather than a long-term trend reversal. Total housing inventory climbed to <strong>1.60 million units<\/strong>, the highest level since 2019, providing buyers with slightly more negotiating power in an otherwise tight market.<\/p>\n<h2>Geopolitical and Political Developments<\/h2>\n<p>Energy markets are on high alert following reports from the <strong>Iranian Navy<\/strong> that a tanker caught fire east of the <strong>Strait of Hormuz<\/strong>. This incident marks the third vessel to catch fire in the strategic waterway recently, with Iranian state media (IRIB) alleging the tankers struck naval mines while attempting to use &quot;unauthorized routes.&quot; These developments have fueled concerns over <em>maritime security and potential disruptions to global oil supplies<\/em>.<\/p>\n<p>In Washington, new White House Press Secretary <strong>Katie Zacharia<\/strong> held a brief, 15-minute debut press conference. The primary headline was the administration&#39;s request for the resignation of <strong>Kimberly Guilfoyle<\/strong>, the US Ambassador to Greece. The move follows allegations of improper conduct regarding personal financial disclosures. Zacharia also noted that <strong>President Trump<\/strong> would provide further comments before departing for Alaska.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Goldman Sachs (GS) reported a massive Q3 earnings beat with EPS of $17.01 against the $13.09 estimate, driven [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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