[New York Stock Market] Nasdaq up 1.4% on tech strength... Dow turns lower

Oil Prices Fall

On Monday, Oct. 19 (local time), the three major U.S. stock indexes were mixed. The Nasdaq was up more than 1%, buoyed by strength in technology stocks.

As of 10:25 a.m. in New York, the Dow Jones Industrial Average was down 35.83 points, or 0.07%, from the previous trading session, at 51,966.58. The S&P 500, which is weighted toward large-cap stocks, was up 54.70 points, or 0.71%, at 7,713.81, while the Nasdaq, which is weighted toward technology stocks, had gained 378.34 points, or 1.45%, to 26,518.43.

Strength in technology stocks stood out in the market that day. Among individual stocks, Intel rose 4.96%, AMD gained 3.63%, and Micron Technology advanced 4.27%, among the biggest movers, after JPMorgan analysts raised their ratings on the stocks.

However, concerns remain. Goldman Sachs traders said credit spreads on corporate bonds issued by AI-related companies and hyperscalers had widened more than at any point this year.

As the market begins to weigh what could happen if growth in AI investment slows, the focus of investment discussions is shifting away from future earnings prospects and toward funding, sustainability, and returns on investment. Credit default swap (CDS) prices for AI data center company CoreWeave have also risen to levels that reflect default risk.

CNBC reported that Ukraine struck an oil terminal in St. Petersburg, Russia, on Sunday, as attacks on ships in the Persian Gulf increased and Russia and Ukraine continued to target energy facilities.

Despite this, oil prices were falling as expectations of an easing of sanctions on Russian crude weighed more heavily. On the New York Mercantile Exchange, U.S. West Texas Intermediate (WTI) crude for November delivery was down 0.79% at $100.63 a barrel. On the ICE Futures Exchange, Brent crude for December delivery was down 1.48% at $108.23 a barrel.

Major companies, including Meta Platforms and Tesla, are scheduled to report earnings this week. Investors are watching to see whether results from major Big Tech companies can ease market anxiety.

This content was produced with the assistance of AI translation services.