Dow Rises 200 Points, Nasdaq Wavers: China Chip Competition Hits Tech Stocks, Oil Climbs Prabhjote Gill Mon, October 12, 2026 at 12:47 PM EDT 4 min read ^DJI +0.43% CRM +1.79% MU -3.48% SPY -0.09% CL=F +2.17% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
U.S. stocks traded mixed on Monday, with the Dow rising more than 250 points while the Nasdaq Composite fell amid pressure on semiconductor stocks.
Salesforce shares climbed after Bank of America upgraded the stock to 'Buy' from 'Underperform' and raised its price target to $285 from $160.
Micron and SanDisk declined amid concerns about growing competition from China's CXMT.
U.S. equities traded mixed on Monday, with the Dow Jones Industrial Average rising more than 200 points while the Nasdaq Composite slipped as Micron Technology (MU) and other chip stocks tumbled on concerns about competition from China's CXMT.
Adding to market pressure, oil prices climbed amid renewed Russia-Ukraine tensions. Investors were also looking ahead to bank earnings, upcoming inflation data, and a Friday speech by Kevin Warsh this week.
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The SPDR S&P 500 ETF (SPY) edged 0.04% lower at the time of writing, the SPDR Dow Jones Industrial Average ETF (DIA) gained 0.40%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) slipped as much as 0.60%. Retail sentiment around QQQ on Stocktwits dropped to 'bullish' from 'extremely bullish' over the past day.
The Dow received support from Salesforce (CRM), which rose after Bank of America (BofA) gave it a double upgrade to 'Buy' from 'Underperform' and raised its price target to $285 from $160.
The firm cited improving prospects for Salesforce's artificial intelligence strategy and stated that large companies are unlikely to abandon established software platforms that house their business data and workflows.
The Nasdaq, on the other hand, faced pressure from semiconductor stocks. Concerns that CXMT could pose bigger competition in memory chips weighed on Micron (MU), SanDisk (SNDK) and other chip companies in the sector. SNDK stock tumbled 5.6% in midday trade, while MU stock fell by around 3%.
Wells Fargo's double downgrade on Adobe (ADBE) also did not help. The firm downgraded the software maker to 'Underweight' from 'Equal Weight' and lowered its price target to $225 from $270. It cited concerns about slowing organic growth and the challenge of meeting Adobe's full-year targets.
The S&P 500, which covers a broader cross-section of large U.S. companies, held relatively steady as gains in some stocks offset losses elsewhere. eBay (EBAY) was among the top gainers, alongside names like Meta Platforms (META) and Biogen (BIIB).
EBAY stock was also among the top-trending tickers on Stocktwits at the time of writing, gaining as much as 5.5% in the midday trade and marking an over-four-month high. The rally came after Morgan Stanley named the company its top pick in the internet sector. Retail sentiment around the shares on the platform trended in 'bullish' territory over the past day.
Cerebras Systems (CBRS) was among the top trending tickers on Stocktwits and one of the market's biggest losers, falling 9.6% in midday trade, extending its decline after a report last week suggested OpenAI was using Nvidia (NVDA) chips rather than Cerebras' hardware for a feature of its latest AI model. CBRS stock hit a record low of $147.77, leaving it at less than half of its $350 IPO price.
Oil prices added another source of uncertainty for investors. West Texas Intermediate crude futures expiring in November rose over 2% to around more than $93 a barrel in midday trade, while Brent crude futures expiring in December also gained around 2% to trade near $107 a barrel.
The most recent uptick comes after renewed attacks on energy infrastructure and questions over an energy ceasefire between Russia and Ukraine announced by President Donald Trump over the weekend. Ukrainian President Volodymyr Zelenskyy said Russia had already violated the agreement, raising doubts about whether the arrangement would ease risks to energy supplies.
The United States Oil Fund (USO) rose around 2.3% in midday trade on Monday. On Stocktwits, retail sentiment around the ETF trended in 'bearish' territory over the past day.
Major U.S. banks are also due to report quarterly results this week, while the September consumer price index will offer a fresh reading on inflation and could influence expectations for the Federal Reserve's next policy decision. Kevin Warsh is scheduled to speak later in the week at an International Monetary Fund and World Bank event in Bangkok.
Read also: S&P 500's Narrow Rally Faces Fresh Tests From CPI, Bank Earnings: 3 Charts To Watch This Week
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Prabhjote Gill has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits.
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