The Dow Jones Industrial Average rose 0.38% on Oct. 12 as investors favored value-oriented sectors, while technology weakness pulled the Nasdaq Composite down 0.44%. Sandisk, Lumentum, Marvell and Semtech were among the decliners.
The Dow Jones Industrial Average rose 0.38% to 51,851 on Oct. 12 as investors favored value-oriented sectors. The S&P 500 slipped 0.06% to 7,807, while the Nasdaq Composite fell 0.44% to 27,246 on technology sector weakness.
Communication services and consumer defensive stocks led all sectors, while technology stocks lagged. Gold prices fell 0.64% to $4,167.56 as of U.S. market close, and the 10-Year Treasury yield edged up 0.01% to 5.24%.
Memory and chip stocks drop
Sandisk tumbled more than 6% on memory competition concerns. Lumentum Holdings fell almost 10%, erasing last week's gains as investors retreated from AI industry stocks.
Semiconductor names declined on renewed valuation jitters. Marvell Technology lost 3.42% and Semtech dropped 10.15%.
Gainers and the week ahead
Salesforce gained on an analyst upgrade, and Figs surged over 12% as the healthcare apparel attracted further investor attention. Meta Platforms shares increased after the launch of Muse Wonder, its latest AI model.
Financial stocks gained ahead of key earnings from major banks this week. It will be a high-impact week, with key inflation data due and oil prices rising.
Source: The Motley Fool
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