Nasdaq 100 up 1.4% at 3:20 PM as chips bounce, while the Dow lags and oil and gold slip
The S&P 500 is up 0.6% and the Nasdaq 100 1.4% after last week's AI rout, with Amazon, Datadog and memory stocks leading. Treasury note futures are lower, so the rebound has not come with cheaper borrowing.
Technology stocks are doing the lifting on Monday afternoon. At 3:20 PM ET the Nasdaq 100 was up 1.40% at 29,605.8 and the S&P 500 was up 0.62% at 7,706.5, while the Dow was up only 0.14% at 52,051.1. The gap between the Nasdaq and the Dow, about 1.3 percentage points, shows how narrow the rebound is: it is a bounce in chips and AI-linked names, not a broad rally.
The afternoon board, 3:20 PM ET
Levels are from our live market widgets, which can differ slightly from the official cash indexes. Our morning story recorded Friday's closes of 7,659.44 for the S&P 500 and 29,187.55 for the Nasdaq 100.
| Market | 3:20 PM level | Change |
|---|---|---|
| S&P 500 | 7,706.5 | +0.62% |
| Nasdaq 100 | 29,605.8 | +1.40% |
| Dow 30 | 52,051.1 | +0.14% |
| Russell 2000 | 2,729.8 | +0.22% |
| WTI crude | $100.47 | -0.77% |
| Brent crude | $110.90 | -0.67% |
| Gold | $4,143.20 | -0.53% |
| Silver | $57.21 | +0.42% |
| Dollar index (DXY) | 101.635 | +0.17% |
| 10-year note future (price) | 105.374 | -0.41% |
The last line matters. Bond prices and yields move in opposite directions, so a 0.41% drop in the 10-year note future means yields are higher this afternoon, as MarketWatch also framed it in its market headline. We do not have a live yield reading, so we are not putting a number on today's move. The latest official figure is the Treasury's daily curve for Friday, October 16: 5.09% on the 10-year and 4.74% on the 2-year.
Who is moving, and why
| Stock | 3:20 PM (Nasdaq.com) | Day move |
|---|---|---|
| Sandisk | $1,381.30 | +6.31% |
| Datadog | $261.21 | +5.70% |
| Amazon | $263.32 | +5.33% |
| Marvell | $238.23 | +4.56% |
| Micron | $910.07 | +3.55% |
| Intel | $92.69 | +3.16% |
| AMD | $541.06 | +2.33% |
| Nvidia | $217.84 | +1.73% |
| Ameriprise | $481.03 | -3.95% |
According to CNBC's midday movers, the VanEck Semiconductor ETF (SMH) was up nearly 3% at midday, coming off nine straight losing days. The broker calls CNBC listed:
- Amazon: Morgan Stanley named it a top pick, citing faster growth at AWS, its Bedrock AI platform and robotics efficiencies.
- Datadog: Bernstein upgraded it to outperform, saying AI tailwinds will help.
- Intel: JPMorgan upgraded it to neutral from underweight, with the analyst writing that the turnaround will take years but management execution has been solid.
- CoreWeave: Goldman Sachs upgraded it to buy from neutral. The stock was up more than 1% at midday after falling 25% last week, but Nasdaq.com showed it at $60.94, down 0.74%, at 3:20 PM, so the upgrade has not held.
- Ameriprise: Bank of America cut it to underperform, citing departures of several large advisor teams and cash-sweep pressure on profit growth.
- Cleveland-Cliffs: up 18.11% at $14.32 after third-quarter earnings. We covered the numbers in our earlier story.
What the rebound does not tell you
Most of today's drivers are analyst opinions, not new information about AI spending. Four of the stocks above are up on rating changes, and a rating change after a nine-day slide is partly a statement about price. Nothing we read this afternoon changes the credit and rate concerns we laid out this morning: Oracle's credit spreads, French bond stress and WTI at about $100.
It also does not mean borrowing is getting cheaper. A business owner with a floating-rate line or a buyer pricing a mortgage cares about the 10-year and the Fed, not the Nasdaq. Freddie Mac's latest 30-year mortgage rate, as shown on our markets board, is 7.4%, and the Fed's next decision comes October 28, per the Fed's calendar. For the debate inside the Fed, see our story on how officials see AI adding to inflation.
Gold is lower with the dollar firmer, a pattern that often shows up when traders move back toward stocks, though we did not find a source that attributes today's move to any single cause. Bitcoin was $81,850, up 1.33%, on Coinbase at 3:18 PM ET.
What to watch into the close and tomorrow
- Whether the Nasdaq 100 closes above Friday's 29,187.55 and the S&P 500 above 7,659.44.
- Tuesday: building permits (forecast 1.388 million versus 1.394 million prior), and Netflix, RTX, GE and United Airlines earnings, per our morning calendar.
- Wednesday after the close: Meta, Tesla and IBM.
More on live markets and the futures desk.
Sources: live market widgets and Coinbase (3:18 to 3:20 PM ET); Nasdaq.com quotes (3:20 PM ET); CNBC; U.S. Treasury; Federal Reserve. Data may be delayed. This is market information, not investment advice.
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