Ringside · Post-Bell · October 12
- Sandisk slid 5.97% and Micron 3.88% after China's CXMT said it plans a denser server memory chip by year-end.
- Brent settled at $106.65, up 1.84%, after Ukraine said Russia kept hitting its energy sites.
- Cleveland Fed President Beth Hammack backed a restrictive policy stance; traders see an 88% chance of a December hike.
Indexes
Stocks finished mixed Monday as losses in memory and optical chip makers offset gains in energy and consumer staples. The S&P 500 slipped 0.06% to 7,807.24. That is 0.15% below its October 6 record close of 7,818.93, which topped the previous record from August. The Nasdaq Composite fell 0.44%, pulled down by Micron Technology after a Chinese rival announced a denser memory chip design. The Dow rose 0.38% for its third straight gain, helped by Salesforce. Oil climbed after Ukraine said Russian attacks on its energy sites continued despite the weekend ceasefire announcement. The S&P 500 has more than doubled since its October 2022 closing low of 3,577.03, CNBC reported.
| Index | Close | % Chg | Session range | Note |
|---|---|---|---|---|
| S&P 500 | 7,807.24 | -0.06% | 7,796.94 – 7,821.67 | |
| Nasdaq Composite | 27,245.90 | -0.44% | 27,219.42 – 27,376.66 | Memory stocks led the decline |
| Dow Jones Industrial Average | 51,850.55 | +0.38% | 51,718.60 – 51,928.10 | Third straight gain |
| Russell 2000 | 2,794.48 | -0.45% | 2,794.47 – 2,805.83 | Closed near the session low |
| Volatility index (VIX) | 15.21 | +2.49% |
Sector Heat Map
| Sector (ETF) | Close | % Chg |
|---|---|---|
| Energy (XLE) | $66.01 | +1.43% |
| Consumer Staples (XLP) | $84.41 | +1.17% |
| Communication Services (XLC) | $111.45 | +0.97% |
| Real Estate (XLRE) | $41.92 | +0.75% |
| Health Care (XLV) | $171.99 | +0.69% |
| Financials (XLF) | $55.05 | +0.58% |
| Utilities (XLU) | $41.63 | +0.53% |
| Materials (XLB) | $49.44 | +0.02% |
| Industrials (XLI) | $169.15 | -0.06% |
| Consumer Discretionary (XLY) | $112.27 | -0.51% |
| Technology (XLK) | $196.36 | -1.22% |
Eight of the eleven sectors rose. Energy gained the most as crude climbed, and technology fell the most on chip stocks.
In the News
Rates, FX, Commodities
Treasury yields did not trade Monday because of the Columbus Day bond holiday, so the table shows last week's closing levels. Oil rose after Ukrainian President Volodymyr Zelenskyy said Ukraine will keep striking Russia while Moscow hits Ukrainian energy sites, Bloomberg reported. Oil prices in the table are exchange settlements reported by Bloomberg, and natural gas is shown at its closing price.
| Rates & dollar | Level | Note |
|---|---|---|
| 2-year Treasury | 4.80% | Friday close; no trading Monday |
| 10-year Treasury | 5.24% | Friday close; no trading Monday |
| 30-year Treasury | 5.60% | Friday close; no trading Monday |
| 2s10s spread | 44 bp | Friday close |
| Dollar index | 102.59 | +0.41% on the day |
| Commodity | Mon settle / close | % Chg |
|---|---|---|
| WTI crude (Nov) | $93.74 | +2.06% |
| Brent crude (Dec) | $106.65 | +1.84% |
| Gold (Dec futures) | $4,194.40 | |
| Natural gas | $3.170 |
Technicals
The S&P 500 closed at 7,807.24, just under its October 6 high close. The 20-day and 50-day averages are both near 7,710, about 1.3% below. The 200-day average is 7,255.12.
The Nasdaq 100 fell 0.71% to 30,664.70. Its 20-day average, at 30,390.74, is about 0.9% lower and is first support. Monday's intraday high of 30,813.96 is first resistance.
The 10-year yield last closed at 5.24% on Friday, below its October 5 close of 5.31%. Its 50-day average is about 4.90%.
The 2-year yield, which tracks Fed rate expectations, was 4.80% at Friday's close, down from 4.89% on September 29. Bond trading resumes Tuesday, the day before the September consumer price index.
Breakouts & Breakdowns
Breakouts
Exxon Mobil (XOM) rose 1.90% to $172.15. That topped $171.47, its highest close of the past year, set March 30. First support is the 20-day average of $163.85.
Shopify (SHOP) gained 4.90% to $179.22, its highest close in a year, edging past $179.01 from October 29, 2025. The next level is $182.19, its one-year intraday high.
Breakdowns
Lam Research (LRCX) fell 2.91% to $309.56, below its 50-day average of $311.02. The 200-day average, at $279.83, is the next support.
Intel (INTC) dropped 3.20% to $101.35, under its 50-day average of $103.30. Its 200-day average is $83.36, about 18% lower.
Top Movers
Gainers
Meta Platforms (META) rose 3.38% to $742.96 after it released Muse Wonder, a new AI model for its Muse personal assistant app. Users need a monthly plan of $20 or $100 to use it. The model is part of Meta's push for AI revenue outside its advertising business, CNBC reported.
eBay (EBAY) gained 2.19% to $114.65 after Morgan Stanley named it a top pick and raised its price target to $132. The firm said live-stream selling, a $27 billion market, drives more than 40% of eBay's growth. The stock had been up more than 5% at midday.
Salesforce (CRM) rose 2.09% to $233.92 after BofA Securities upgraded it two notches. The stock had been up as much as 5.14%.
Losers
Micron Technology (MU) fell 3.88% to $989.04, and Sandisk (SNDK) lost 5.97% to $1,487.33. China's ChangXin Memory Technologies (CXMT) said it plans to launch a server memory chip with a denser design before the end of the year, Quartz reported, citing the South China Morning Post. Seagate Technology (STX) fell 3.80% and Western Digital (WDC) 2.60%.
Lumentum (LITE) fell 9.78% to $995.41, and Ciena (CIEN) lost 9.95% to $405.01. Investors sold optical networking stocks after a rebound in AI shares Friday, CNBC reported.
IonQ (IONQ) dropped 9.07% to $36.27 after agreeing to buy cybersecurity company Elisity in an all-stock deal worth up to $1.3 billion. Quantum computing stocks Rigetti Computing and D-Wave Quantum also fell.
Chipotle Mexican Grill (CMG) fell 3.77% to $30.40 after Starbucks told CNBC it is "not buying Chipotle," following days of takeover reports. Starbucks (SBUX) rose 1.69% to $92.29.
Bristol Myers Squibb (BMY) reversed its early gain on the lung-disease trial and closed down 2.60% at $57.58.
Macro Data Today
| Release | Actual | Consensus | Prior |
|---|---|---|---|
| No major US economic releases; bond market closed for Columbus Day | — | — | — |
The September consumer price index is due Wednesday and the producer price index Thursday.
Notable Earnings This Session
Pre-Open
No major companies reported before the open.
Post-Close
No major companies reported after the close. Options imply a 2.84% move in Goldman Sachs (GS) after its report Tuesday, according to Cboe LiveVol data cited by CNBC. The stock has moved about 2% on average after its last eight reports.
Drivers
- JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo report third-quarter results before Tuesday's open. Financials are the third-worst S&P 500 sector this year, CNBC reported. Investors want to know how higher rates are affecting loan demand, credit quality and dealmaking. Wednesday brings results from Bank of America, Morgan Stanley and BlackRock.
- Treasury trading resumes Tuesday after the holiday. The September consumer price index is due Wednesday at 8:30 a.m., and the producer price index follows Thursday.
- Oil traders are watching whether Russia and Ukraine keep attacking each other's energy sites and whether attacks on Saudi Arabia continue. Oxford Economics now expects Brent to average above $100 a barrel through the second quarter of 2027.