Stocks ended Monday, Oct. 12, mixed, with investors rotating toward value-oriented sectors as semiconductor shares pressured technology stocks.
Chip stocks were among the session’s weakest performers. The Philadelphia Semiconductor Index fell 2. 7% for a fourth consecutive decline, while Sandisk dropped more than 6% amid concerns about competition in memory chips. Marvell Technology and Semtech also fell sharply, and Lumentum Holdings lost almost 10% as investors pulled back from parts of the artificial-intelligence trade. Salesforce rose about 2% after a double upgrade from BofA Securities, helping support the Dow.
Eight of the 11 S&P 500 sectors advanced, led by communication services and consumer defensive stocks, while technology, consumer discretionary and industrials declined. Meta Platforms gained after the launch of its Muse Wonder artificial-intelligence model. Bond trading was closed for the holiday.
The session came four years after the S&P 500 began its current bull-market advance. The Dow was about 4. 5% below its early-August record, while the S&P 500 and Nasdaq remained near their recent peaks.
Attention now shifts to third-quarter earnings from major banks, with Citigroup, JPMorgan Chase and Wells Fargo scheduled to report Tuesday. September consumer-price data are due Wednesday, followed by producer prices and retail-sales data Thursday. The sequence leaves investors weighing the market’s extended gains against renewed weakness in semiconductor shares and the possibility that incoming earnings and inflation figures could drive larger moves later in the week.