Stocks close higher: Nasdaq up 1.1% as chips bounce from the AI rout, Dow flat, VIX down 9% to 18.27
The S&P 500 gained 0.41% to 7,690.78 and the Nasdaq 100 rose 1.17%, but the 10-year yield climbed to 5.15% and CoreWeave gave back its upgrade gains. Amazon rose 5% on a Morgan Stanley call, not on the chip headline.
Technology stocks bounced on Monday after last week's AI-related rout. The Nasdaq Composite rose 1.11% and the S&P 500 added 0.41%, while the Dow Jones Industrial Average finished just below flat. The VIX, Wall Street's fear gauge, fell about 9%. CNBC described the move as traders returning to tech after a week in which the Nasdaq fell 4.5% and information technology had its worst week since April 2025.
Closing levels
| Market | Close | Change |
|---|---|---|
| S&P 500 | 7,690.78 | +0.41% |
| Nasdaq Composite | 26,430.89 | +1.11% |
| Nasdaq 100 | 29,529.34 | +1.17% |
| Dow Jones Industrial Average | 51,966.87 | -0.07% |
| Russell 2000 | 2,732.86 | +0.42% |
| VIX | 18.27 | -8.6% (from 19.99) |
| 10-year Treasury yield | 5.15% | +6 basis points (from 5.09%) |
| WTI crude | $103.66 | +2.22% (settle, per CNBC) |
| Brent crude | $109.55 | -0.28% (settle, per CNBC) |
| Gold (futures) | about $4,162 | about -0.5% |
| Dollar index (DXY) | about 101.98 | about +0.1% |
| Bitcoin | about $81,800 | +1.1% over 24 hours (Coinbase) |
Index, VIX, gold and dollar figures are from Yahoo Finance prices read at 4:02 PM ET, against Friday closes we recorded in our Friday close story. The 10-year yield is the U.S. Treasury daily curve. Oil settlements are CNBC's. Other quotes for crude differed by a few dollars during the session, so treat the oil row as CNBC's figure only.
The rebound was narrow, and yields did not help
Chips led. CNBC reported the semiconductor ETF SOXX was on pace to end a nine-session losing streak, its worst run since May 2006. Intel rose after a JPMorgan upgrade, and CNBC's midday list had memory names Sandisk and Micron higher. Micron closed up 2.97% by our Yahoo read.
It was not a broad rally. CNBC noted consumer discretionary led the S&P 500 while most other sectors, including financials and utilities, fell. Money rotated out of the defensive groups that held up last week, which is why the Dow sat at the flatline. And the 10-year yield, after trading lower in the morning, ended at 5.15%, up from 5.09% on Friday. A bounce in tech with rising long-term rates is a weaker signal than a bounce with falling ones.
Biggest movers, and what actually drove them
- Amazon, +4.98% to $262.45. A Reuters headline during the session said Amazon's AI chips will work with a popular coding language, a challenge to Nvidia. We could only read that headline, not the article. CNBC's midday movers list gives a different cause for the stock's 5% gain: Morgan Stanley named it a top pick and raised its price target, citing faster AWS growth, the Bedrock AI platform and robotics. We cannot show that the chip news moved the stock, so we credit the analyst call that CNBC reported.
- Tesla, +3.76% to $368.06. We found no company announcement or news item explaining the move. CNBC noted only that Tesla is among the big earnings reports due this week. We are reporting the move without a cause.
- Cleveland-Cliffs, +16.4% to $14.11. The steelmaker reported adjusted earnings of 28 cents a share against a 21-cent FactSet estimate, per CNBC. Our earnings story covers the $612 million of adjusted EBITDA and the 2027 outlook.
- Micron, +2.97% to $904.90. Part of the chip rebound described above.
- CoreWeave, -0.44% to $61.12. Goldman Sachs upgraded it to buy and cut its price target to $106 from $139, and the stock rose in the morning, but it reversed. CNBC reported it fell as much as 3% and made a new 52-week low under $60 during the session after a 25% drop last week over debt concerns.
- Netflix, -0.96% to $69.85, ahead of its third-quarter report on Tuesday. See our earnings preview for the company's guidance.
The debt worry has not gone away
Reuters ran a headline Monday saying S&P Global warns top hyperscalers are likely to carry more AI-linked debt than is currently known. MarketWatch separately ran a piece on why the Treasury's financing plans are causing anxiety on Wall Street. We could not read the full text of either, so we are not adding detail beyond those headlines. CNBC's blog, which we did read, said corporate bond investors have started to shun CoreWeave, with its credit default swaps at distress levels, and that Oracle's bonds sit close to junk territory.
That is the thread behind the week: equity buyers returned on Monday, but the questions are about how AI buildouts get financed at a 5%-plus 10-year yield. Mortgage-related assets showed the same pressure: CNBC said the iShares Mortgage Real Estate ETF hit its lowest level since April 2020, and NAHB homebuilder sentiment fell to 29, the lowest since June 2012.
On deck Tuesday
- Netflix reports third-quarter results after the bell.
- Building permits, the day's data release: forecast 1.388 million against 1.394 million previously, per the Chronicle's economic calendar. We could not load the weekly calendar file, so that is the only release we confirmed for Tuesday.
- Tesla earnings are due later this week, and the Fed meets October 28. Jobless claims follow Thursday.
Sources: CNBC live market blog; CNBC midday movers; Yahoo Finance prices; U.S. Treasury; Coinbase; Reuters and MarketWatch headlines. Some data may be delayed. This is market information, not investment advice.
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