Tech rebounds as the Nasdaq gains 1.1% and chip stocks bounce, while the Dow slips
After the close, Monday October 19: what moved, why, and what to watch next.
The close
| Index | Day |
|---|---|
| S&P 500 | +0.4% |
| Dow Jones Industrial Average | -0.1% |
| Nasdaq Composite | +1.1% |
Moves are rounded, as reported by AP and The Wall Street Journal. AP said the S&P 500 was coming off its worst week since June, and that most U.S. stocks outside of AI and technology fell. The Dow swung between losses and gains before ending slightly lower, per AP.
What moved, and why
AI and chip stocks bounced. Reuters said chip stocks recovered after a bruising selloff last week, helped by lower Treasury yields and easier crude prices earlier in the day. Its report said the Philadelphia chip index had fallen 11% last week, an eight-session losing streak that erased about $2 trillion in market value. The index finished Monday up 1.6%, per The Wall Street Journal. Intel rose after a JPMorgan upgrade, Micron gained about 3% and Marvell about 4% (WSJ). Reuters also reported that Goldman Sachs upgraded CoreWeave to "buy" from "neutral"; the stock had lost a quarter of its value last week. See our chip rebound story, the opening report and our midday story.
Oil ended mixed. Brent settled at $109.55 a barrel, down 31 cents, after falling more than $3 earlier in the session (Reuters, Newsquawk). Reuters said U.S. WTI settled at $103.66, up $2.25, the highest settlement since September 15, but trading in that expiring front-month contract was thin ahead of its October 20 expiry. Reuters tied the swings to profit-taking after last week's rally and to Houthi attacks on Saudi targets. See our oil story and First Light.
Yields rose. The 10-year Treasury yield ended the day at 5.135%, per The Wall Street Journal. WSJ also said European stocks and French bonds slumped; AP said losses in Europe were sharper than in the U.S.
Housing and earlier headlines. Builder confidence fell to its lowest since 2012, per the National Association of Home Builders and Reuters; see our story. Earlier today: Toast & Tickers, First Light, Asia and China GDP and Cleveland-Cliffs.
What to watch next
Earnings season continues Tuesday with General Motors and Netflix, then Tesla and Meta Platforms on Wednesday, per CNBC. The Fed meets October 27-28 (CNBC). More in our week-ahead calendar. Ticker Den's next edition is Tuesday.
