Stock Market Midday, Oct. 19: Tech Stocks Rebound as AI Confidence Returns
As of 11:34 AM ET, the S&P 500 (SNPINDEX:^GSPC) is up 0.85% to 7,725, and the Nasdaq Composite (NASDAQINDEX:^IXIC) has climbed 1.67% to 26,576 as growth stocks rebound from their worst week since June. The Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.15% higher at 52,094.
Gold has fallen 0.51% to $4,145.56, and the 10-Year Treasury yield has gained 3 basis points to 5.13%. Real estate and consumer defensive stocks saw the biggest losses, while consumer cyclical and tech led the sector gains.
Sandisk soared 7.4%, and Micron Technology gained 4.7%, as a shift in memory sentiment boosted the stocks, supporting a recovery in semiconductor stocks. Intel also climbed after a JPMorgan upgrade. Amazon.com pushed upward on cloud optimism, helped by Morgan Stanley, which upped its price target on the stock and named it a top pick. NRG Energy declined as utility stocks broadly underperformed the market.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.