Nasdaq 100 Drops, SanDisk Tumbles 6% as AI Trade Falters: Stock Market Today
U.S. stocks were mixed at midday Monday as a selloff in AI-infrastructure names dragged the Nasdaq 100 and small caps lower, while the Dow edged higher and oil climbed back above $93 a barrel. President Donald Trump said Monday that Russia and Ukraine had agreed to an “energy ceasefire” with immediate effect, a claim Moscow has not confirmed. Ukrainian President Volodymyr Zelenskyy said he learned of the deal from the media and that Russia struck a thermal power plant in Kharkiv. Brent initially dipped toward $102 on the headline before rebounding above $106, as the truce did little to offset Middle East supply risks. Houthi strikes on Riyadh’s airport over the weekend added to the anxiety. West Texas Intermediate crude futures rose 2.1% to $93.78 a barrel. Brent crude gained 1.9% to $106.76 a barrel. By midday Monday, U.S. equity markets were split, with energy, financials and defensive sectors offsetting a technology-led drag. The Nasdaq 100 fell 0.5% to 30,738. The S&P 500 edged up 0.1% to 7,817, while the Dow Jones Industrial Average advanced 242 points, or 0.5%, to 51,897. The Treasury market was closed for Columbus Day, leaving the 10-year yield at Friday’s 5.24%, below the 5
S. stocks were mixed at midday Monday as a selloff in AI-infrastructure names dragged the Nasdaq 100 and small caps lower, while the Dow edged higher and oil climbed back above $93 a barrel. President Donald Trump said Monday that Russia and Ukraine had agreed to an “energy ceasefire” with immediate effect, a claim Moscow has not confirmed. Ukrainian President Volodymyr Zelenskyy said he learned of the deal from the media and that Russia struck a thermal power plant in Kharkiv.
Brent initially dipped toward $102 on the headline before rebounding above $106, as the truce did little to offset Middle East supply risks. Houthi strikes on Riyadh’s airport over the weekend added to the anxiety. 78 a barrel. 76 a barrel.
S. equity markets were split, with energy, financials and defensive sectors offsetting a technology-led drag. 5% to 30,738. 5%, to 51,897.
36% intraday peak hit Wednesday, which market reports flagged as the highest since 2002. 4%. Earnings season also picks up, with JPMorgan Chase & Co. (NYSE: JPM ), Goldman Sachs Group Inc.
(NYSE: GS ), Wells Fargo & Co. (NYSE: WFC ) and Citigroup Inc. (NYSE: C ) reporting Tuesday, followed by Bank of America Corp. (NYSE: BAC ) and Morgan Stanley (NYSE: MS ) on Wednesday.
1%. 4%. 5%. 1%.
7%. 2%. 0%. 7%.
Optical and AI-infrastructure names led the declines in the Russell 1000. Lumentum Holdings Inc. 1% and Ciena Corp. 5% in a broad semiconductor and AI-infrastructure selloff, while TTM Technologies Inc.
8%. No company-specific news hit the tape for TTM Technologies or Ciena, so their moves look like sector-wide selling. Memory stocks were also under pressure, with Sandisk Corp. 0% after Samsung and SK Hynix Inc.
6%. IonQ Inc. 3 billion. On the upside, CCC Intelligent Solutions Holdings Inc.
2% on reports that GTCR and Elliott Investment Management are close to a deal to acquire the company. eBay Inc. 6% after Morgan Stanley named it a top pick in the internet sector and raised its price target to $132 from $127, citing live commerce. Manhattan Associates Inc.
5% after Morgan Stanley upgraded the stock to Overweight from Equalweight and raised its price target to $250 from $180 on accelerating cloud bookings. AST SpaceMobile Inc. 2% after Deutsche Bank AG (NYSE: DB ) upgraded the stock to Buy from Hold with a $93 price target, and as its next three BlueBird satellites arrived at Cape Canaveral. Monday’s Russell 1000 Top Gainers Name % change CCC Intelligent Solutions Holdings Inc.
19% eBay Inc. 58% Manhattan Associates Inc. 45% Fair Isaac Corp. 28% AST SpaceMobile Inc.
17% Monday’s Russell 1000 Top Losers Name % change TTM Technologies Inc. 78% Lumentum Holdings Inc. 07% IonQ Inc. 64% Ciena Corp.
53% Semtech Corp. 95% Read Also: Salesforce Gets Rare Double Upgrade From Bank of America: ‘AI Should Deepen Dependence,’ Analyst Says Photo: Shutterstock