On October 12, the Dow Jones Industrial Average rose by 0.38% to close at 51,851 as investors moved towards value-oriented sectors. In contrast, the S&P 500 dipped 0.06% to 7,807, while the Nasdaq Composite fell 0.44% to 27,246, driven down by weakness in the technology sector. Gold prices decreased by 0.64%, settling at $4,167.56 at the U.S. market's close. Additionally, the yield on the 10-Year Treasury climbed slightly by 0.01% to 5.24%.
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Communication services and consumer defensive stocks performed well, whereas technology stocks lagged, influenced by concerns over memory competition. Notable stock movements included Salesforce, which gained following an analyst upgrade. Figs surged over 12%, now showing an overall increase of more than 30% in the last five days.
Conversely, Sandisk declined over 6% due to competitive pressures in the memory market, and Lumentum Holdings fell nearly 10%, reversing last week's gains as investors pulled back from artificial intelligence (AI) stocks. However, shares of Meta Platforms rose following the introduction of its new AI model, Muse Wonder.
As the S&P 500 marks its fourth anniversary since October 12, 2022, having gained over 120% during this period, investors are focusing on the upcoming earnings reports from major banks for signs of continued market strength. Financial stocks exhibited gains ahead of this pivotal reporting week, which is expected to include significant inflation data and rising oil prices. Bond markets were closed on this day.
Technology stocks faced pressure, impacting the Nasdaq index; meanwhile, investors shifted towards more cautious investments, benefiting the Dow. Companies like Marvell Technology and Semtech saw declines amid renewed concerns over valuations.