KLA Corporation, together with its subsidiaries, engages in the design, manufacture, and marketing of process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. It operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection. The company offers inspection and review tools to identify, locate, characterize, review, and analyze defects on various surfaces of patterned and unpatterned wafers; metrology systems that are used to measure pattern dimensions, film thickness, film stress, layer-to-layer alignment, pattern placement, surface topography, and electro-optical properties for wafers; chemical process control equipment; wired and wireless sensor wafers and reticles; wafer defect inspection, review, and metrology systems; reticle inspection and metrology systems; and semiconductor software solutions that provide run-time process control, defect excursion identification, process corrections, and defect classification to accelerate yield learning rates and reduce production risk. It also provides etch, plasma dicing, deposition, and other wafer processing technologies and solutions for the semiconductor and microelectronics industry. In addition, the company offers direct imaging, inspection, optical shaping, inkjet and additive printing, UV laser drilling, and computer-aided manufacturing and engineering solutions for the PCB market; inspection and electrical testing systems to identify and classify defects, as well as systems to repair defects for the display market; and inspection and metrology systems for quality control and yield improvement in advanced and traditional semiconductor packaging markets. The company was formerly known as KLA-Tencor Corporation and changed its name to KLA Corporation in July 2019. KLA Corporation was incorporated in 1975 and is headquartered in Milpitas, California.

KLA looks like a high-quality but already expensive business: operating profitability and returns on capital remain very strong, but the market is clearly pricing in near-flawless execution. Revenue over the latest periods has increased from $3.175 billion to $3.658 billion, while operating profit and net profit have also remained at high levels, confirming the resilience of the business model. Gross margin of around 61.3%, operating margin of 41.7%, and net margin of 35.6% are very strong figures even for semiconductor equipment. ROE of 85.4%, ROA of 28.5%, and ROI of 41.9% show that capital is being used efficiently, and the return on tangible capital is especially impressive. Liquidity is comfortable: current ratio of 2.88 and quick ratio of 2.11, while the cash position of $4.9 billion looks solid. However, leverage is not zero: debt/equity of 0.93 and long-term debt of $5.89 billion remain a notable risk factor, although the debt/equity ratio improved over the year. The main argument limiting the valuation is the extremely high multiples: P/E of 53.3, P/S of 18.5, P/B of 40.1, and P/FCF of 68.3 are significantly above industry medians, which limits the potential for further re-rating. Dividend yield has fallen to 0.11% from higher levels a year earlier, so dividend support for the investment case is weak. On the positive side, profitability and revenue are not deteriorating, and the balance sheet in terms of assets and equity continues to grow. On the negative side, TTM EPS appears lower than historical levels, and the current valuation already reflects very strong expectations for future growth. Overall, the fundamentals justify a premium to the industry, but not as high as the market currently implies. For an investor, this is a story of quality and resilience, but with limited upside due to a rich valuation and moderately elevated debt load.

KLA Corporation

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Сильный индекс, значительно упал. Медведи в растерянности.

Strong index, significantly down. The bears are confused.

Слабый индекс, значительно вырос. Рынок на стороне быков.

Weak index, significantly up. The market is on the bulls' side.

Слабый индекс, значительно упал. Рынок не поддерживает медведей.

Weak index, significantly down. The market does not support the bears.

Слабый индекс, значительно вырос

Слабый индекс, незначительно упал

Strong profitability and revenue growth support KLA, but very high valuation multiples, weak dividend yield, and debt limit the upside.

The S&P 500 Index ($SPX) (SPY) is up by +0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +1.52%. December E-mini S&P futures (ESZ26) are up +0.58%, and December E-mini Nasdaq futures (NQZ26) are up +1.51%.
Stock indexes are mostly higher today, with chipmakers and AI-infrastructure stocks leading the broader market higher after last week’s selloff. Earnings optimism is lifting stocks ahead of this week's earnings results from Meta Platforms, Tesla, and Netflix. Also, weaker crude oil prices today have improved market sentiment and are supportive of stocks.
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On the downside, homebuilders are under pressure after today’s US economic news showed the Oct NAHB housing market index fell 3 points to a 14-year low of 29, below expectations of 31.
Mostly better-than-expected Chinese economic news is positive for global growth prospects and stocks. China Q3 GDP rose +1.2% q/q and +4.5% y/y, stronger than expectations of +1.0% q/q and +4.4% y/y. Also, China's Sep industrial production rose +5.5% y/y, right on expectations and the largest increase in 6 months. In addition, China's Sep retail sales rose +1.1% y/y, stronger than expectations of +0.5% y/y and the largest increase in 6 months. Finally, China's Sep surveyed jobless rate unexpectedly fell -0.1 to 5.2%, below the expected 5.3% and signaling a stronger labor market. On the downside, China's Sep new home prices fell -0.14% m/m, the fortieth consecutive month of declines.
Stocks have support from the prospect of solid quarterly earnings results. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 45 of the S&P 500 companies have reported results, with 80% beating estimates.
Nov WTI crude oil prices (CLX26) are moving lower today on some profit-taking after last week's rally to a 5-week high. US Energy Secretary Wright said Persian Gulf oil flows have recovered to about 80% of their pre-war level, though refined-product shipments remain constrained. Crude oil prices have underlying support from concerns about disruptions to Middle Eastern energy supplies after Houthi rebels in Yemen targeted Yanbu in Saudi Arabia, a significant Red Sea port for Saudi oil exports that avoids the Strait of Hormuz, with missiles and drones. Also, the UK Maritime Trade Operations reported that two tankers were attacked in the Persian Gulf near Saudi Arabia's port city of Jubail over the weekend.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 fell to a 1-week low today and is down -1.18%. China's Shanghai Composite closed up +0.39%. Japan's Nikkei-225 Stock Average fell to a 1-month low and closed down -0.62%.
Interest Rates
December 10-year T-notes (ZNZ6) are down -4 ticks. The 10-year T-note yield is up +3.2 bp to 5.127%. Today’s stock rally has reduced safe-haven demand for government debt, weighing on T-notes. Losses in T-notes are limited amid some safe-haven buying due to the social unrest in France. Weaker WTI crude oil prices today are also lowering inflation expectations and supporting T-notes.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.6 bp to 3.462%. The 10-year UK gilt yield is up +5.7 bp to 5.430%.
The German Bundesbank said in a report today that "inflation risks in the Eurozone are clearly tilted to the upside."
Markets are discounting an 8% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are moving higher today, recovering some of last week’s rout. The iShares Semiconductor ETF (SOXX) is up more than +2%. SanDisk (SNDK) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100, and Western Digital (WDC) is up more than +6%. Also, Marvell Technology (MRVL) is up more than +5%, and Intel (INTC), Seagate Technology Holdings Plc (STX), Lam Research (LRCX), and Micron Technology (MU) are up more than +4%. In addition, Advanced Micro Devices (AMD) and Applied Materials (AMAT) are up more than +3%, and Analog Devices (ADI), KLA Corp (KLAC), Broadcom (AVGO), and Qualcomm (QCOM) are up more than +2%.
The Magnificent Seven stocks, excluding Meta, are up today, supporting broader market gains. Amazon.com (AMZN) is up more than +4% to lead gainers in the Dow Jones Industrials, and Tesla (TSLA) is up more than +3%. Also, Nvidia (NVDA), Alphabet (GOOGL), and Microsoft (MSFT) are up more than +1%. In addition, Apple (AAPL) is up +0.14%. Conversely, Meta Platforms (META) is down -0.87%.
Cloud infrastructure stocks are climbing today. Applied Digital (APLD) is up more than +8%, and Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are up more than +3%. Also, CoreWeave (CRWV) and Arista Networks (ANET) aew up more than +2%, and Oracle (ORCL) is up more than +1%.
Home builders and building supplies are slipping today after the US Oct NAHB housing market index fell more than expected to a 14-year low. DR Horton (DHI) and Pulte Group (PHM) are down more than -2%, and Lennar (LEN), KB Home (KBH), Toll Brothers (TOL), and Builders Firstsource (BLDR) are down more than -1%.
Disc Medicine (IRON) is up more than +39% after announcing that its investigational drug bitopertin met all primary and secondary endpoints in a Phase 3 Apollo trial in adults and adolescents with erythropoietic protoporphyria.
Cleveland Cliffs (CLF) is up more than +13% after reporting Q3 adjusted Ebitda of $612 million, above the consensus of $591.5 million.
Datadog (DDOG) is up more than +5% after Bernstein upgraded the stock to outperform from market perform with a price target of $350.
NRG Energy (NRG) is down more than -5% to lead losers in the S&P 500 after Jeffries cut its price target on the stock to $131 from $160.
Ameriprise Financial (AMP) is down more than -3% after Bank of America Global Research double-downgraded the stock to underperform from buy with a price target of $445.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Strength in Chipmakers and AI-Infrastructure Stocks Lead the Broader Market Higher

The S&P 500 Index ($SPX) (SPY) closed down by -1.09% on Friday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.50%. December E-mini S&P futures (ESZ26) fell -1.14%, and December E-mini Nasdaq futures (NQZ26) fell -2.51%.
Stock indexes sold off sharply on Friday, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 1-month low. Selling in chipmakers and AI-infrastructure stocks led the market lower on Friday, driven by concerns about whether companies will see returns on their huge investments in the AI infrastructure buildout. Also, CoreWeave sank more than -11% to weigh on cloud infrastructure stocks as concerns about the company’s credit risk linger.
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Stock losses accelerated Friday afternoon as crude oil prices soared more than 3% to a 1-month high, raising inflation expectations and fueling fears the Fed will keep raising interest rates to contain inflation.
Higher bond yields undercut stocks after Fed Chair Warsh made no remarks on monetary policy or his outlook for the US economy late Thursday evening at the IMF annual meeting in Bangkok. The 10-year T-note yield rose +1 bp to 5.09%.
Friday’s US economic news was mixed for stocks. The Sep import price index ex-petroleum rose +0.8% m/m, stronger than expectations of +0.6% m/m, the largest increase in 5 months and a sign of price pressures. However, Sep manufacturing production rose +0.3% m/m, right on expectations.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of Friday, 40 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) surged more than +3% on Friday to a 1-month high. Crude prices rallied on Friday amid a weaker dollar and concerns that escalating Middle East hostilities could disrupt regional energy supplies. Prices race to their highs Friday afternoon after US lawmakers introduced a bill to block President Trump’s deal with Russia to release several hundred million barrels of diesel fuel.
Markets are discounting a 17% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Friday. The Euro Stoxx 50 closed up +0.58%. China's Shanghai Composite closed up +0.24%. Japan's Nikkei-225 Stock Average closed up +1.39%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -2.5 ticks on Friday. The 10-year T-note yield rose +2.7 bp to 5.085%. Dec T-notes were under pressure Friday after Fed Chair Warsh's lack of guidance at the annual IMF meeting in Bangkok weighed on T-notes. Also, Friday’s +3% surge in WTI crude oil to a 1-month high raised inflation expectations and weighed on T-notes. Friday’s stock plunge sparked safe-haven buying of government debt and limited T-note losses.
European government bond yields were mixed on Friday. The 10-year German bund yield rose +1.3 bp to 3.426%. The 10-year UK gilt yield fell -0.2 bp to 5.373%.
ECB Governing Council member and Bundesbank President Joachim Nagel said. "The ECB has raised interest rates twice, and if the situation remains as it is, we don't rule out the possibility that we may have to take further action."
Markets are discounting a 10% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks continued their week-long slide on Friday, weighing on the broader market. Seagate Technology Holdings Plc (STX) closed down more than -7%, and Western Digital (WDC), SanDisk (SNDK), and ARM Holdings Plc (ARM) closed down more than -6%. Also, Advanced Micro Devices (AMD), Micron Technology (MU), Intel (INTC), and Marvell Technology (MRVL) closed down more than -5%, and Lam Research (LRCX), KLA Corp (KLAC), Applied Materials (AMAT), and Broadcom (AVGO) closed down more than -4%. In addition,
CoreWeave (CRWV) closed down more than -11% to weigh on cloud infrastructure stocks as debt concerns linger after swaps priced in more than a 50% chance the company will default on its debt within five years. Also, Nebius Group NV (NBIS) closed down more than -12% to lead losers in the Nasdaq 100, and Applied Digital (APLD) closed down more than -11%. In addition, Lumentum Holdings (LITE) closed down more than -5%, and Oracle (ORCL) and Arista Networks (ANET) closed down more than -4%.
The Magnificent Seven stocks, excluding Apple, fell on Friday and weighed on the overall market. Meta Platforms (META) closed down more than -3%, and Alphabet (GOOGL) closed down more than -2% to lead losers in the Dow Jones Industrials. Also, Tesla (TSLA) closed down more than -2%, and Amazon.com (AMZN), Microsoft (MSFT), and Nvidia (NVDA) closed down more than -1%. Apple (AAPL) bucked the trend and closed up +0.43%.
Cybersecurity stocks retreated on Friday. Okta (OKTA) closed down more than -10%, and SentinelOne (S), Fortinet (FTNT), Crowdstrike Holdings (CRWD), and Palo Alto Networks (PANW) closed down more than -7%. Also, Cloudflare (NET) closed down more than -6%, Zscaler (ZS) closed down more than -5%, and Gen Digital (GEN) closed down more than -2%.
Energy producers and service providers rallied on Friday after WTI crude oil rose more than +3% to a 1-month high. APA Corp (APA) closed up more than +4%, and Diamondback Energy (FANG) closed up more than +4% to lead gainers in the Nasdaq 100. Also, ConocoPhillips (COP) and Devon Energy (DVN) closed up more than +3%, and Chevron (CVX) closed up more than +2% to lead gainers in the Dow Jones industrials. In addition, Baker Hughes (BKR), ExxonMobil Holdings (XOM), Occidental Petroleum (OXY), and SLB Ltd (SLB) closed up more than +2%, and Halliburton (HAL) and Phillips 66 (PSX) closed up more than +1%.
Defense contractors rose on Friday as the companies are set to benefit from increased defense spending. Northrop Grumman (NOC) closed up more than +4%, and Lockheed Martin (LMT), RTX Corp (RTX), and L3Harris Technologies (LHX) closed up more than +3%. Also, General Dynamics (GD) closed up more than +2%, and Huntington Ingalls Industries (HII) closed up more than +1%.
Defensive food producers moved higher on Friday amid the slump in the broader market. Kraft Heinz Co (KHC), McCormick & Co (MKC), J M Smucker (SJM), Hershey Co (HSY), Hormel Foods (HRL), and Mondelez International (MDLZ) closed up more than +1%.
Omeros (OMER) closed down more than -14% after the European Medicines Agency issued a negative opinion on the company’s application for its narsoplimab therapy.
Earnings Reports (10/19/2026)
AGNC Investment Corp (AGNC), BOK Financial Corp (BOKF), Cleveland-Cliffs Inc (CLF), Crown Holdings Inc (CCK), Fifth Third Bancorp (FITB), FNB Corp/PA (FNB), RLI Corp (RLI), Steel Dynamics Inc (STLD), W R Berkley Corp (WRB), Western Alliance Bancorp (WAL), Wintrust Financial Corp (WTFC), Zions Bancorp NA (ZION).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stock Indexes Finish Sharply Lower as Tech Stocks Plunge

The S&P 500 Index ($SPX) (SPY) closed up by +0.33% on Thursday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +1.08%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.05%. December E-mini S&P futures (ESZ26) rose +0.28%, and December E-mini Nasdaq futures (NQZ26) fell -0.14%.
Stock indexes settled mixed on Thursday, with the Nasdaq 100 dropping to a 3.5-week low. Stocks recovered from early losses on Thursday to trade mixed as bond yields fell and as investors rotated out of chip stocks into software and pharmaceutical companies.
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The Nasdaq 100 was under pressure on Thursday amid concerns about the sustainability of the artificial intelligence trade. This week’s rout in chipmakers and AI-infrastructure stocks spread globally, with South Korea’s Kospi Index sinking more than 7% and China’s Shanghai Composite falling to a 14-month low. Thursday’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
Stocks were also pressured on Thursday on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news on Thursday was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, Thursday’s slump in global equity markets sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low on Thursday of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support Thursday after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results that began this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of Thursday’s close, 38 of the S&P 500 companies have reported results, with 82% beating estimates.
Nov WTI crude oil prices (CLX26) rallied more than +3% on Thursday to a 3-week high. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. Crude prices raced to their high Thursday after weekly EIA crude inventories unexpectedly fell by -8.56 million bbl.
Markets are discounting a 27% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled lower on Thursday. The Euro Stoxx 50 closed down -0.36%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +21 ticks on Thursday. The 10-year T-note yield fell -10.0 bp to 5.085%. Dec T-notes rallied to a 3-week high on Thursday, and the 10-year T-note yield fell to a 3-week low of 5.035%. Lower inflation expectations were supportive of T-notes after the 10-year breakeven inflation rate fell to a 1-week low of 2.320% on Thursday. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news on Thursday was bearish for T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields moved lower on Thursday. The 10-year German bund yield fell to a 5-week low of 3.353% and finished down -5.3 bp to 3.413%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and finished down -5.0 bp to 5.374%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting a 9% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Software stocks rallied on Thursday as investors rotate out of chip stocks into software. Intuit (INTU) and ServiceNow (NOW) closed up more than +6%, and Atlassian (TEAM) and Autodesk (ADSK) closed up more than +5%. Also, Workday (WDAY), Salesforce (CRM), and Adobe Systems (ADBE) closed up more than +4%, Oracle (ORCL) closed up more than +3%, and Thomson Reuters (TRI) closed up more than +2%.
Pharmaceutical stocks moved higher on Thursday amid stock rotation out of AI stocks. Alnylam Pharmaceuticals (ALNY) closed up more than +4%, and Eli Lilly (LLY) and Ionis Pharmaceuticals (IONS) closed up more than +3%. Also, Gilead Sciences (GILD), Vertex Pharmaceuticals (VRTX), Regeneron Pharmaceuticals (REGN), and Jazz Pharma Plc (JAZZ) closed up more than +2%. and Amgen (AMGN) and Biogen (BIIB) closed up more than +1%.
Cryptocurrency-exposed stocks rallied on Thursday after Bitcoin (^BTCUSD) rebounded from a 3.5-week low and moved higher. Circle Internet Group (CRCL) closed up more than +9%, and Coinbase Global (COIN) closed up more than +6%. Also, Strategy (MSTR) closed up more than +5%, and Bullish (BLSH) and BitMine Immersion Technologies (BMNR) closed up more than +4%. In addition, Riot Platforms (RIOT) and Robinhood Markets (HOOD) closed up more than +2%, and MARA Holdings (MARA) and Galaxy Digital Holdings (GLXY) closed up more than +1%.
Chipmakers and AI-infrastructure stocks fell on Thursday on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. Applied Materials (APLD), Lam Research (LRCX), and Seagate Technology Holdings Plc (STX) closed down more than -3%, and Intel (INTC), KLA Corp (KLAC) and Western Digital (WDC) closed down more than -2%. In addition, Nvidia (NVDA), Advanced Micro Devices (AMD), Marvell Technology (MRVL), and SanDisk (SNDK) closed down more than -1%.
Penske Automotive Group (PAG) closed up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) closed up more than +6% after the Financial Times reported that private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Kimberly-Clark (KMB) closed up more than +4% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
FMC Corp (FMC) closed down more than -30% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Hewlett Packard Enterprise (HPE) closed down more than -7% to lead losers in the S&P 500, adding to Wednesday’s -7 decline, and Dell Technologies (DELL) closed down more than -6%, adding to Wednesday’s 10% plunge after Barclays downgraded the stocks to equal weight from overweight.
Rocket Lab (RKLB) closed down more than -6% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Earnings Reports (10/16/2026)
Citizens Financial Group Inc (CFG), M&T Bank Corp (MTB), Regions Financial Corp (RF), Travelers Cos Inc/The (TRV), Truist Financial Corp (TFC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Mixed as Broader Market Recovers from Chip Stock Rout

The S&P 500 Index ($SPX) (SPY) is down by -0.57% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.30%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.71%. December E-mini S&P futures (ESZ26) are down -0.58%, and December E-mini Nasdaq futures (NQZ26) are down -1.54%.
Stock indexes are mostly lower today, with the S&P 500 falling to a 2-week low and the Nasdaq 100 dropping to a 3.5-week low. The broader market is under pressure today as the rout in chipmakers and AI-infrastructure stocks spreads globally, with South Korea’s Kospi Index sinking more than -7% and China’s Shanghai Composite falling to a 14-month low. Today’s drop in chipmakers followed Anthropic PBC's disclosure of $16.8 billion in Q3 growth to prospective investors, figures that suggest growth has slowed even as it remains robust.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks extended their losses today on rising US producer price pressures after the Sep PPI final demand rose +6.3% y/y, stronger than expectations of +5.4% y/y and the most in 3.75 years. Also, Sep PPI ex-food and energy rose +5.0% y/y, stronger than expectations of +4.4% y/y and the most in more than 3.5 years.
Other US economic news today was mixed, with Sep retail sales and the Oct Empire manufacturing survey rising more than expected and weekly jobless claims near expectations. However, the Oct Philadelphia Fed business outlook survey fell more than expected.
On the positive side, the slump in global equity markets has sparked a rally in government bond markets, knocking yields lower. The 10-year German Bund yield fell to a 5-week low today of 3.35%, and the 10-year T-note yield fell to a 3-week low of 5.04%. Also, investors rotating out of chip stocks into software companies and defensive pharmaceuticals stocks are lifting the Dow Jones Industrials.
US weekly initial unemployment claims rose by +1,000 to 199,000, close to expectations of 200,000.
US Sep retail sales rose +0.8% m/m, stronger than expectations of +0.3% m/m, and Sep retail sales ex-autos rose+0.9% m/m, stronger than expectations of +0.5% m/m.
The US Oct Philadelphia Fed business outlook survey fell by -16.9 to 20.9, weaker than expectations of 28.0.
The US Oct Empire manufacturing survey of general business conditions rose +17.9 to a 4.75-year high of 25.5, stronger than expectations of 12.0.
Stocks and bonds got some support today after San Francisco Fed President Mary Daly said she thinks rate hikes are likely needed, just not immediately, and that she would hold interest rates steady at the October 27-28 FOMC meeting.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +25% from a year earlier, up from a July estimate of 22%. As of today, 32 of the S&P 500 companies have reported results, with 78% beating estimates.
Nov WTI crude oil prices (CLX26) are up +0.20% today. Crude prices are supported by risks to global oil supplies as Yemen's Houthi rebels continue drone and missile attacks across Saudi Arabia, including energy infrastructure. Also, Iranian attacks on shipping attempting to transit the Strait of Hormuz have increased in recent weeks, threatening a rebound in energy supplies from the Middle East. However, today’s selloff in global equity markets is curbing demand for risk assets, including crude.
Markets are discounting a 29% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.62%. China's Shanghai Composite fell to a 14-month low and closed down -1.59%. Japan's Nikkei-225 Stock Average dropped to a 4-week low and closed down sharply by -4.90%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +23 ticks today. The 10-year T-note yield is down -12.5 bp to 5.060%. Dec T-notes rallied to a 3-week high today, and the 10-year T-note yield fell to a 3-week low of 5.041%. Today’s selloff in global equity markets has boosted safe-haven demand for T-notes. Also, dovish comments from San Francisco Fed President Mary Daly were bullish for T-notes when she suggested she would support holding interest rates steady at the October 27-28 FOMC meeting.
Hawkish US economic news is limiting gains in T-notes after US Sep producer prices and Sep retail sales rose more than expected, and the Oct Empire manufacturing survey's general business conditions rose to a 4.75-year high.
European government bond yields are moving lower today. The 10-year German bund yield fell to a 5-week low of 3.353% and is down -10.7 bp to 3.359%. The 10-year UK gilt yield fell to a 1.5-week low of 5.301% and is down -11.3 bp to 5.312%.
Eurozone Aug industrial production fell -0.5% m/m, weaker than expectations of no change and the biggest decline in 7 months.
ECB Governing Council member Martins Kazaks said the ECB can afford to take its time adjusting interest rates, despite persistent energy price rises that are set to keep consumer price growth elevated, as the recent surge in government bond yields may start to weigh on economic activity.
UK Aug manufacturing production rose +1.2% m/m, stronger than expectations of no change and the largest increase in 9 months.
Markets are discounting an 11% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are falling today on demand concerns after Anthropic disclosed Q3 revenue growth that likely slowed from the previous quarter. The iShares Semiconductor ETF (SOXX) is down more than -3% at a 1-month low. SanDisk (SNDK) and Seagate Technology Holdings Plc (STX) are down more than -7%, and Intel (INTC), Lam Research (LRCX), and Western Digital (WDC) are down more than -6%. Also, Advanced Micro Devices (AMD), Applied Materials (APLD), and Marvell Technology (MRVL) are down more than -5%, and KLA Corp (KLAC) and Micron Technology (MU) are down more than -4%.
Cryptocurrency-exposed stocks are falling today, with Bitcoin (^BTCUSD) down more than -2% at a 3.5-week low. Iren Ltd (IREN) is down more than -10%, and Galaxy Digital Holdings (GLXY) and Riot Platforms (RIOT) are down more than -8%. Also, MARA Holdings (MARA) and BitMine Immersion Technologies (BMNR) are down more than -6%, and Robinhood Markets (HOOD) and Strategy (MSTR) are down more than -5%. In addition, Coinbase Global (COIN) is down more than -3%, and Circle Internet Group (CRCL) and Bullish (BLSH) are down more than -2%.
Cloud infrastructure stocks are under pressure today on debt concerns after credit-default swaps have priced in a more than 50% chance that CoreWeave could default on its debt within the next five years. Nebius Group NV (NBIS) and Lumentum Holdings (LITE) are down more than -8%, and CoreWeave (CRWV) is down more than -6%. Also, Arista Networks (ANET) and Applied Digital (APLD) are down more than -5%.
Software stocks are climbing today as investors rotate out of chip stocks into software. Intuit (INTU) is up more than +5% to lead gainers in the Nasdaq 100, and Autodesk (ADSK) is up more than +4%. Also, Workday (WDAY) and Adobe Systems (ADBE) are up more than +3%, and Salesforce (CRM) and Thomson Reuters (TRI) are up more than +2%. In addition, IBM (IBM) and ServiceNow (NOW) are up more than +1%.
Defensive pharmaceutical stocks are climbing today amid the broader market slump. Amgen (AMGN), Eli Lilly (LLY), Gilead Sciences (GILD), and Vertex Pharmaceuticals (VRTX) are up more than +3%, and Biogen (BIIB), Merck & Co (MRK), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) are up more than +2%. Also, Pfizer (PFE) is up more than +1%.
FMC Corp (FMC) is down more than -34% after cutting its Q3 adjusted Ebitda forecast to a loss of -$510 million to -$565 million, after previously expecting a profit of$120 million to $140 million.
Rocket Lab (RKLB) is down more than -13% to lead losers in the Nasdaq 100 after announcing that it will delay the launch of its inaugural Neutron medium-lift rocket until sometime in 2027.
Penske Automotive Group (PAG) is up more than +8% after entering a deal to be taken private for $212 a share in cash by Penske Corporation and Mitsui.
International Paper (IP) is up more than +5% to lead gainers in the S&P 500 after the Financial Times reported private equity firms Lone Star and Atlas Holdings are exploring bids to acquire the company.
Walmart (WMT) is up more than +3% after Deutsche Bank upgraded the stock to buy from hold with a price target of $136.
Kimberly-Clark (KMB) is up more than +3% after reporting preliminary Q3 net sales of $4.13 billion, above the consensus of $4.10 billion.
Commercial Metals (CMC) is up more than +2% after reporting Q4 net sales of $2.66 billion, better than the consensus of $2.54 billion.
Earnings Reports (10/15/2026)
Alcoa Corp (AA), Bank of New York Mellon Corp/The (BNY), Charles Schwab Corp/The (SCHW), First Horizon Corp (FHN), Interactive Brokers Group Inc (IBKR), JB Hunt Transport Services Inc (JBHT), Marsh & McLennan Cos Inc (MRSH), PNC Financial Services Group Inc (PNC), Prologis Inc (PLD), US Bancorp (USB).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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Stocks Pressured as Chipmaker Selloff Deepens

The S&P 500 Index ($SPX) (SPY) closed down by -0.02% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.31%. December E-mini S&P futures (ESZ26) fell -0.02%, and December E-mini Nasdaq futures (NQZ26) fell -0.32%.
Stock indexes settled lower on Tuesday, with the Nasdaq 100 falling to a 1.5-week low. Weakness in chipmakers weighed on the broader market Tuesday amid concerns that investment in artificial intelligence may be unsustainable due to safety concerns and signs of funding strain. Also, a selloff in South Korea’s Samsung Electronics and SK Hynix knocked South Korea’s Kospi Index down more than -5% on Tuesday to a 2.5-month low amid concerns over intensifying competition from China, adding additional pressure to chip stocks.
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However, stocks recovered from their worst levels on Tuesday as bond yields fell on dovish Fed comments that bolstered speculation the Fed won’t be forced to raise interest rates aggressively. Fed Governor Christopher Waller said the recent surge in long-term bond yields is helping to curb demand in interest-rate-sensitive sectors, such as housing and automobiles, doing some of the Fed's work to tighten monetary policy. Waller’s comments suggest he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said, "It may be appropriate for one more 25 bp Fed rate hike this year, but I don't think at this time I have any reason to believe that we would need to do more."
Hawkish comments on Tuesday from Chicago Fed President Austan Goolsbee limited the decline in T-note yields when he said inflation tied to the AI boom is "jumping out of its lane" and starting to push up prices in unrelated corners of the economy. The 10-year T-note yield fell -3 bp to 5.21%.
Tuesday’s US economic news was supportive for stocks after Sep existing home sales unexpectedly rose +1.5% m/m to 3.99 million, stronger than expectations of a decline to 3.95 million.
Stocks have support from the prospect of solid quarterly earnings results starting this week. Goldman Sachs on Monday raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.”
According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins this week when US money center banks report.
The International Monetary Fund (IMF) raised its 2026 global GDP forecast to 3.1% from 3.0% in July and kept its 2026 global consumer price forecast unchanged from July at 4.7%.
Nov WTI crude oil prices (CLX26) rose slightly on Tuesday amid concerns about Middle East energy-supply disruptions. Saudi Arabia has seen an increase in attacks from Houthi rebels in Yemen in recent days, while Iran has ramped up attacks on shipping in the Strait of Hormuz.
Gains in crude were limited on Tuesday after Saudi Arabia said its Sep crude production rose by +2 million bpd (+40% m/m) to 8.732 million bpd, recovering from a 36-year low in August. Goldman Sachs estimates a $24-a-barrel risk premium in crude oil prices due to the Middle East conflict. However, if Europe releases half the diesel it has announced from reserves, fair value prices could fall by about $11 a barrel.
Markets are discounting a 22% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 closed down -0.55%. China's Shanghai Composite recovered from a 2.5-month low and closed up +0.10%. Japan's Nikkei-225 Stock Average fell to a 1.5-week low and closed down -1.82%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +5.5 ticks on Tuesday. The 10-year T-note yield fell -2.5 bp to 5.213%. Dec T-notes rose to a 1-week high on Tuesday, and the 10-year T-note yield fell to a 1-week low of 5.171%. Lower inflation expectations supported gains in T-notes on Tuesday after the 10-year breakeven inflation rate fell to a 1-week low of 2.336%. Dovish Fed comments also supported T-note prices on Tuesday when Fed Governor Christopher Waller said the recent surge in long-term bond yields is doing some of the Fed’s work to tighten monetary policy, suggesting he favors holding policy steady at the FOMC meeting later this month. Also, New York Fed President John Williams said that after the Fed hikes rates one more time this year, he believes the Fed’s rate-hike cycle is done.
T-note gains were limited Tuesday after Chicago Fed President Austan Goolsbee said inflation remains too high. Also, Tuesday’s report showing Sep existing home sales unexpectedly increased weighed on T-notes.
European government bond yields were mixed on Tuesday. The 10-year German bund yield fell to a 1-week low of 3.426% and finished down -0.8 bp to 3.469%. The 10-year UK gilt yield rose +0.7 bp to 5.447%.
Markets are discounting a 12% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks retreated for a second session on Tuesday, weighing on the overall market. Applied Materials (AMAT) closed down more than -6% to lead losers in the S&P 500 and Nasdaq 100 after failing to give a detailed outlook at an investor day conference. Also, Micron Technology (MU) and KLA Corp (KLAC) closed down more than -3%, and Lam Research (LRCX) closed down more than -2%. In addition, ASML Holding NV (ASML) and Western Digital (WDC) closed down more than -1%.
Pharmaceutical stocks sold off on Tuesday. Vertex Pharmaceuticals (VRTX) closed down more than -4%, and Merck & Co (MRK), Ionis Pharmaceuticals (IONS), Jazz Pharmaceuticals Plc (JAZZ), and Untragenyx Pharmaceutical (RARE) closed down more than -2%. Also, Gilead Sciences (GILD), Amgen (AMGN), Eli Lilly (LLY), Alnylam Pharmaceuticals (ALNY), and Regeneron Pharmaceuticals (REGN) closed down more than -1%.
Energy producers and service providers rallied on Tuesday as WTI crude prices rose. Valero Energy (VLO) closed up more than +4%, and Marathon Petroleum (MPC) and Phillips 66 (PSX) closed up more than +3%. Also, APA Corp (APA), ConocoPhillips (COP), and Devon Energy (DVN) closed up more than +2%, and Chevron (CVX), Diamondback Energy (FANG), and ExxonMobil Holdings (XOM) closed up more than +1%.
Telecom operators moved higher on Tuesday. Charter Communications (CHTR) closed up more than +4%, and T-Mobile US (TMUS), Comcast (CMCSA), Verizon Communications (VZ), and AT&T (T) closed up more than +1%.
Syndax Pharmaceuticals (SNDX) closed down more than -16% after saying its MAXPIRe Phase 2 trial of its axatilimab to treat idiopathic pulmonary fibrosis failed to meet its primary endpoint.
AST SpaceMobile (ASTS) closed down more than -8% after Piper Sandler downgraded the stock to neutral from overweight.
SentinelOne (S) closed down more than -6% after announcing that it intends to offer $1.25 billion in convertible senior notes due in 2031 via private placement.
Johnson & Johnson (JNJ) closed down more than -5% to lead losers in the Dow Jones Industrials after forecasting full-year sales of $101.00 billion to $101.40 billion, the midpoint below the consensus of $101.24 billion.
Domino’s Pizza (DPZ) closed down more than -5% after reporting Q3 total domestic store comparable sales growth of +0.30%, below the consensus of +0.72%.
Meta Platforms (META) closed up more than +2% to lead gainers in the Nasdaq 100, adding to Monday’s +3% gain, after releasing a new artificial intelligence model called Muse Wonder, which the company claims has “frontier capabilities.”
Ollie’s Bargain Outlet Holdings (OLLI) closed up more than +2% after its Board of Directors approved a $500 million stock buyback plan.
Amer Sports (AS) closed up more than +2% after Jefferies initiated coverage on the stock with a buy recommendation and a price target of $42.
Earnings Reports (10/14/2026)
Bank of America Corp (BAC), Blackrock Inc (BLK), Fastenal Co (FAST), Morgan Stanley (MS), Progressive Corp/The (PGR), State Street Corp (STT).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Finish Lower Ahead of Wednesday’s CPI Report

The S&P 500 Index ($SPX) (SPY) is down by -0.07% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.69%. December E-mini S&P futures (ESZ26) are down -0.05%, and December E-mini Nasdaq futures (NQZ26) are down -0.65%.
Stock indexes are mixed today, with the Dow Jones Industrials posting a 2.5-week high. The broader market is under pressure from higher crude oil prices, with WTI crude up more than +2% today on concerns about escalating tensions in the Middle East after repeated Houthi attacks on Saudi Arabia from neighboring Yemen. Weakness in chipmakers and AI-infrastructure stocks is also weighing on the overall market today.
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Stocks have support from the prospect of solid quarterly earnings results that will begin this week. Goldman Sachs today raised its three-month view on global equity markets to overweight from neutral, saying. “Earnings growth remains supportive for equities and the recent valuation de-rating has improved asymmetry into the third-quarter earnings season.” Also, strength in software stocks and energy producers is supportive of the overall market.
Market activity may be below normal, as the cash Treasury market is closed today for the Columbus Day bank holiday.
According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins this week when US money center banks report.
Nov WTI crude oil prices (CLX26) are up more than +2% today after Iran-backed Houthi rebels in Yemen launched drone and missile attacks against Saudi Arabia over the weekend, raising the risk of escalation that could draw the US into the conflict. Also, there's been a recent escalation of drone and missile attacks against vessels traversing the Strait of Hormuz, limiting energy exports from the region. Limiting gains in crude are the prospects of Russia releasing diesel supplies into theglobal marketafter the US Treasury issued a waiver for previously sanctioned Russian fuel. Last Friday, Russia said it will partially lift its ban on diesel exports, allowing 500,000 MT of diesel fuel to reach international markets following an agreement between Russian President Putin and US President Trump.
Markets are discounting a 19% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 is up +0.44%. China's Shanghai Composite closed down -0.43%. Japan's Nikkei-225 Stock Average did not trade, as Japanese markets were closed today for the Health Sports Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -2.5 ticks today. The 10-year T-note yield is not trading today, as the cash Treasury market is closed for the Columbus Day bank holiday. Dec T-notes are under pressure today as higher crude oil prices raise inflation expectations.
European government bond yields are mixed today. The 10-year German bund yield is down -0.5 bp to 3.476%. The 10-year UK gilt yield is up +0.1 bp to 5.444%.
ECB Governing Council member Yannis Stournaras said the ECB may raise interest rates again to curb inflation but without rushing any action, suggesting an ECB rate hike this month is less likely than one in December.
Markets are discounting a 13% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI-infrastructure stocks are sliding today, weighing on the overall market. Lumentum Holdings (LITE) is down more than -7% to lead losers in the S&P 50 and Nasdaq 100, and Sandisk (SNDK) is down more than -6%. Also, Micron Technology (MU) and Marvell Technology (MRVL) are down more than -4%, and Advanced Micro Devices (AMD), ARM Holdings (ARM), Intel (INTC), and Seagate Technology Holdings Plc (STX) are down more than 3-%. In addition, Lam Research (LRCX), KLA Corp (KLAC), Microchip Technology (MCHP), and Western Digital (WDC) are down more than -2%, and Applied Materials (AMAT), Broadcom (AVGO), and Qualcomm (QCOM) are down more than -1%.
Software stocks are climbing today, led by a +2% jump in Salesforce (CRM) to lead gainers in the Dow Jones Industrials after Bank of America Global Research double-upgraded the stock to buy from underperform with a price target of $285. Also, Workday (WDAY) is up more than +2%, and ServiceNow (NOW), Intuit (INTU), and Microsoft (MSFT) are up more than +1%.
Energy producers and service providers are moving higher today, with WTI crude oil up more than +2%. Diamondback Energy (FANG) is up more than +2%, and APA Corp (APA), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +1%.
IonQ (IONQ) is down more than -8% after agreeing to buy Elisity Inc. for as much as $1.3 billion in an all-stock transaction.
Chipotle Mexican Grill (CMG) is down more than -4% after Starbucks said it has no plans to acquire the company.
Enact Holdings (ACT) is down more than -1% after JPMorgan Chase downgraded the stock to underweight from neutral with a price target of $44.
Adobe (ADBE) is down more than -1% after Wells Fargo Securities double-downgraded the stock to underweight from overweight with a price target of $225.
First Tracks Biotherapeutics (TRAX) is up more than +6% after reporting topline results from an early-stage trial of its experimental therapy for celiac disease.
AST SpaceMobile (ASTS) is up more than +4% after Deutsche Bank upgraded the stock to buy from hold with a price target of $93.
Biogen (BIIB) is up more than +3% after JPMorgan Chase upgraded the stock to overweight from neutral, with a price target of $300.
Earnings Reports (10/12/2026)
Liberty Live Holdings Inc (LLYVA) and SR Bancorp Inc (SRBK).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Pressured by Rising Crude Prices and Chipmaker Weakness

The S&P 500 Index ($SPX) (SPY) closed up by +0.58% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.48%. December E-mini S&P futures (ESZ26) rose +0.61%, and December E-mini Nasdaq futures (NQZ26) rose +0.52%.
Stock indexes settled higher on Tuesday, with the S&P 500 and Nasdaq 100 posting new all-time highs and the Dow Jones Industrials posting a 1-week high. Lower bond yields on Tuesday supported stock gains as the 10-year T-note yield fell -4 bp to 5.27%.
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Strength in the Magnificent Seven technology stocks and a rally in cybersecurity stocks also supported the overall market on Tuesday. In addition, earnings optimism is bullish for stock prices. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 profits are expected to climb by +25% from a year earlier, up from a July estimate of 22%. Q3 earnings season begins next week when US money center banks report.
Weakness in chipmakers and AI stocks on Tuesday limited broader market gains. Also, hawkish comments on Tuesday from San Francisco Fed President Mary Daly weighed on stocks when she said she's concerned that AI spending, tariffs, and energy costs could keep inflation elevated longer, requiring more Fed tightening.
Tuesday’s US economic news was bearish for stocks after the Aug trade deficit increased to a 17-month high of -$105.6 billion, wider than expectations of -$102.1 billion and a negative factor for Q3 GDP.
Nov WTI crude oil prices (CLX26) settled little changed on Tuesday. Prices initially tumbled to a 1-month low Tuesday, on signs that more oil supplies are coming out of the Middle East. Kuwait said it is pumping about 75% of the level seen before the Iran war, and Iraq is seeking to hire additional vessels to send its oil cargoes through the Strait of Hormuz. Crude prices were also pressured on Tuesday after Yemeni government forces backed by Saudi Arabia said they retook the port city of Mokha and other areas near the Bab el-Mandeb Strait from Houthi militants.
However, short covering emerged, and crude prices finished little changed Tuesday on signs that Iran is ramping up attacks on tankers attempting to transit the Strait of Hormuz. The UK’s Maritime Trade Operations reported on Tuesday that the pace of attacks by Iran has increased in recent days, with nine vessels targeted over the last several days.
Markets are discounting a 19% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled higher on Tuesday. The Euro Stoxx 50 closed up +0.48%. China's Shanghai Composite did not trade, with markets in China closed for the week-long Golden Week holidays. Japan's Nikkei-225 Stock Average soared to a 3-month high and closed up +1.05%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up +9 ticks on Tuesday. The 10-year T-note yield fell down -3.8 bp to 5.267%. T-notes finished higher on Tuesday and found early support from the decline in WTI crude oil prices to a 1-month low. Also, decent demand for the Treasury’s $58 billion auction of 3-year T-notes was supportive for prices after the auction produced a bid-to-cover ratio of 2.62, close to the 10-auction average of 2.64.
However, Tuesday’s rally in the S&P 500 curbed safe haven demand for T-notes. Also, hawkish comments from San Francisco Fed President Mary Daly limited gains in T-notes when she said inflation may last longer than expected, requiring additional Fed rate hikes.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell -1.5 bp to 3.478%. The 10-year UK gilt yield fell -4.3 bp to 5.375%.
Eurozone Aug retail sales rose +0.1% m/m, weaker than expectations of +0.2% m/m.
German Aug factory orders fell -10.6% m/m, weaker than expectations of -1.0% m/m and the biggest decline in 7 months.
French Finance Minister Lescure said circumstances in France are very different from a decade earlier during the debt crisis and the country is far from needing help from the ECB.
Markets are discounting a 14% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Most Magnificent Seven technology stocks finished higher on Tuesday, a positive factor for the overall market. Amazon.com (AMZN) closed up more than +1%, and Microsoft (MSFT) closed up +0.85%. Also, Tesla (TSLA) closed up +0.47%, Alphabet (GOOGL) closed up +0.34%, Apple (AAPL) closed up +0.22%, and Nvidia (NVDA) closed up +0.15%. Conversely, Meta Platforms (META) closed down -0.34%.
Strength in cybersecurity stocks rallied on Tuesday. Zscaler (ZS) closed up more than +5%, and Palo Alto Networks (PANW) and Fortinet (FTNT) closed up more than +3%. Also, Crowdstrike Holdings (CRWD) and Gen Digital (GEN) closed up more than +2%, and SentinelOne (S) closed up more than +1%.
Airlines and cruise line operators found support on Tuesday from the decline in WTI crude oil to a 1-month low, which lowers fuel costs and boosts the profitability prospects of the companies. Royal Caribbean Cruises (RCL) closed up more than +5% and Norwegian Cruise Line Holdings (NCLH) closed up more than +4%. Also, Carnival (CCL) closed up more than +3%, and United Airlines Holdings (UAL), American Airlines Group (AAL), Alaska Air Group (ALK) and Southwest Airlines (LUV) closed up more than +1%.
Weakness in chipmakers and AI stocks on Tuesday limited gains in the broader market. Seagate Technology Holdings Plc (STX) closed down more than -9% to lead losers in the S&P 500 and the Nasdaq 100. Also, Western Digital (WDC) closed down more than -6% and KLA Corp (KLAC) closed down more than -4%. In addition, Lam Research (LRCX) and Intel (INTC) closed down more than -3%, and Sandisk (SNDK) and Applied Materials (AMAT) closed down more than -2%.
Option Care Health (OPCH) closed up more than +32% after McKesson and Clayton Dubilier & Rice agreed to acquire the company for $5.8 billion, including debt.
Constellation Energy (CEG) closed up more than +12% to lead gainers in the Nasdaq 100 after announcing a long-term deal with Google to bring 890 MW of new nuclear capacity over 20 years onto the PJM grid in Illinois, Pennsylvania, and New Jersey.
Apogee Enterprises (APOG) closed up more than +11% after boosting its 2027 adjusted EPS estimate to $3.00 to $3.40 from a prior view of $2.70 to $3.25, well above the consensus of $2.92.
Lam Weston Holdings (LW) closed up more than +7% after boosting its 2027 adjusted EPS forecast to $3.05 to $3.35 from a previous estimate of $2.95 to $3.25, stronger than the consensus of $3.02.
Marvell Technology (MRVL) closed up more than +5% after saying at an investor day conference that it sees $20 billion in total revenue for fiscal 2028.
Advanced Micro Devices (AMD) closed up more than +2% after CEO Lisa Su predicted “very high” chip demand continuing for the next few years.
Vaxcyte (PCVX) closed down more than -9% after announcing that it will offer $500 million worth of shares and pre-funded warrants.
Gentex (GNTX) closed down more than -1% after Goldman Sachs downgraded the stock to sell from neutral with a price target of $20.
Earnings Reports (10/7/2026)
Applied Digital Corp (APLD), Richardson Electronics Ltd/Uni (RELL), ZenaTech Inc (ZENA).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Finish Higher on Lower Bond Yields and Earnings Optimism

The S&P 500 Index ($SPX) (SPY) closed down by -0.17% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.26%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.21%. December E-mini S&P futures (ESZ26) fell -0.15%, and December E-mini Nasdaq futures (NQZ26) rose +0.21%.
Stock indexes settled mixed on Tuesday. The broader market was under pressure Tuesday as soaring bond yields pushed the 10-year T-note yield to a new 19-year high of 5.29%. Weaker-than-expected US economic news also weighed on stocks after Aug JOLTS job openings fell to a 5-month low, and Sep consumer confidence tumbled to a 12-year low.
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However, stock losses were limited after a -3% plunge in WTI crude oil prices eased inflation risks and knocked bond yields from their highs. Strength in chipmakers on Tuesday also helped the overall market. In addition, dovish comments from New York Fed President Williams on Tuesday reduced the chance of a Fed rate hike next month to 52% from 70% when he said the Fed needs only one more rate hike to contain inflation.
The July S&P composite-20 home price index rose +0.3% m/m and +2.47% y/y, stronger than expectations of +0.2% m/m and +2.20% y/y, with the +2.47% y/y gain the largest year-on-year increase in 14 months.
US Aug JOLTS job openings fell -256,000 to a 5-month low of 7.079 million, weaker than expectations of 7.228 million.
The Conference Board US Sep consumer confidence index fell -6.7 to a 12-year low of 81.9, weaker than expectations of 89.0.
New York Fed President John Williams said, "If the economy evolves in a manner broadly consistent with my forecast, one further upward adjustment of the federal funds target range may be appropriate late this year to support a timelier return of inflation to target."
Nov WTI crude oil prices (CLX26) dropped more than -3% on Tuesday as signs of larger oil exports from Saudi Arabia are bearish for prices. Tracking data compiled by Bloomberg show Saudi Arabia's crude exports stood at 5.28 million bpd in September, the highest in seven months. Saudi Arabia also said it restored about 3.5 million bpd of the East-West Pipeline's 7 million bpd capacity on Monday after repairs restored the link damaged by drone strikes earlier this month.
Markets are discounting a 52% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets settled mixed on Tuesday. The Euro Stoxx 50 rose to a 2.5-week high and closed up +0.30%. China's Shanghai Composite closed up +0.18%. Japan's Nikkei-225 Stock Average closed down -0.60%.
Interest Rates
December 10-year T-notes (ZNZ6) closed down -2 ticks on Tuesday. The 10-year T-note yield rose +1.9 bp to 5.255%. Dec T-notes sank to a 19-year nearest-futures low on Tuesday, and the 10-year T-note yield climbed to a 19-year high of 5.291%. Supply pressures weighed on T-notes Tuesday after Paramount Skydance announced it was offering $32 billion of corporate debt in eight tranches, prompting bond dealers to short T-notes to hedge against the incoming supply.
Losses in T-notes were limited on Tuesday amid weaker-than-expected US economic news on Aug JOLTS job openings and Sep consumer confidence. T-notes recovered most of their losses on Tuesday after WTI crude oil prices fell more than 3%, easing inflation expectations. Also, dovish comments from New York Fed President John Williams supported T-notes when he said he sees only one more Fed rate hike needed to contain inflation.
European government bond yields moved lower on Tuesday. The 10-year German bund yield fell -1.7 bp to 3.626%. The 10-year UK gilt yield fell -1.2 bp to 5.410%.
The Eurozone Sep economic confidence indicator unexpectedly fell -0.5 to 97.9, weaker than expectations of an increase to 99.0.
Spain Sep CPI (EU harmonized) rose +5.0% y/y, stronger than expectations of +4.9% y/y and the largest increase in 3.5 years. Sep core CPI rose +3.1% y/y, stronger than expectations of +3.0% y/y.
Markets are discounting a 32% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks moved higher on Tuesday, a supportive factor for the broader market. The iShares Semiconductor ETF (SOXX)climbed to a 2.5-month high and closed up more than +1%. Applied Materials (AMAT) closed up more than +5%, and Marvell Technology (MRVL) closed up more than +4%. Also, ARM Holdings Plc (ARM), KLA Corp (KLAC), and ASML Holding NV (ASML) closed up more than +3%. In addition, Lam Research (LRCX) closed up more than +2%, and Microchip Technology (MCHP), Micron Technology (MU), Broadcom (AVGO), and Texas Instruments (TXN) closed up more than +1%.
Cruise stocks rallied sharply on Tuesday, led by a +13% jump in Carnival (CCL) to lead gainers in the S&P 500 after boosting its full-year adjusted EPS estimate to $2.24 from a previous estimate of $2.22. Also, Royal Caribbean Cruises (RCL) closed up more than +7%, and Norwegian Cruise Line Holdings (NCLH) closed up more than +3%.
Fair Isaac (FICO) closed down more than -26% to lead credit reporting agencies lower and losers in the S&P 500 after FHA director Pulte announced a move that makes it easier for lenders to adopt VantageScore, a move that will increase competition that could pressure credit companies’ market share and pricing power. Also, Equifax (EFX) closed down more than -3%, and TransUnion (TRU) closed down more than -2%.
US steel makers fell on Tuesday after President Trump announced plans for a $15 billion Mesabi Metallics steel plant in Iowa that could produce 10 million tons of steel by 2030. Steel Dynamics (STLD), Nucor Corp (NUE), and Commercial Metals (CMC) closed down more than -3%, and Cleveland Cliffs (CLF) closed down more than -1%.
Summit Therapeutics (SMMT) closed up more than +6% after AstraZeneca said it would make a $2 billion strategic equity investment in the company to jointly develop drugs.
CarMax (KMX) closed up more than +4% after reporting Q2 net sales and operating revenue of $7.88 billion, well above the consensus of $7.05 billion.
FuelCell Energy (FCEL) closed up more than +4% after Oppenheimer & Co initiated coverage on the stock with a recommendation of outperform and a price target of $24.
Oracle (ORCL) closed up more than +3% after Axios reported that OpenAI’s annual recurring revenue is nearing $70 billion. OpenAI signed a deal with Oracle last year to support the development of five US data centers.
UniQure NV (QURE) closed down more than -37% after saying the benefits of its Huntington’s disease gene therapy drug AMT-130 were not as good after four years as they were after three years in a small trial, a result that could complicate its bid to get the treatment approved by regulators.
Apple (AAPL) closed down more than -2% to lead losers in the Dow Jones Industrials and Nasdaq 100 after Bank of America said Apple faces risks as the company’s Siri AI lacks the features that Meta Platform’s Muse AI agent has.
Earnings Reports (9/30/2026)
Cal-Maine Foods Inc (CALM), Conagra Brands Inc (CAG), FactSet Research Systems Inc (FDS), Jabil Inc (JBL), Micron Technology Inc (MU), Progress Software Corp (PRGS).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Settle Mixed as Bond Yields Rise

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Expanded Tech Sector ETF (Symbol: IGM) where we have detected an approximate $276.7 million dollar inflow -- that's a 2.5% increase week over week in outstanding units (from 65,950,000 to 67,600,000). Among the largest underlying components of IGM, in trading today KLA Corp (Symbol: KLAC) is up about 4.2%, International Business Machines Corp (Symbol: IBM) is up about 1%, and Arista Networks Inc (Symbol: ANET) is lower by about 0.8%. For a complete list of holdings, visit the IGM Holdings page » The chart below shows the one year price performance of IGM, versus its 200 day moving average:
Looking at the chart above, IGM's low point in its 52 week range is $112.60 per share, with $171.48 as the 52 week high point — that compares with a last trade of $168.97. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further IGM Research:

Noteworthy ETF Inflows: IGM, KLAC, IBM, ANET

The S&P 500 Index ($SPX) (SPY) is up by +0.03% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.01%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.10%. December E-mini S&P futures (ESZ26) are up +0.05%, and December E-mini Nasdaq futures (NQZ26) are up +0.09%.
Stock indexes are moving higher today. Stocks are supported today as lower crude prices have stabilized bond yields. Crude prices are under pressure today on signs that a steady flow of crude oil is coming out of the Persian Gulf through the Strait of Hormuz, easing supply concerns and inflation risks. The 10-year T-note yield is little changed today at 5.23% after soaring to a 19-year high of 5.27% on Monday.
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Today’s US economic news showed the July S&P composite-20 home price index rose +0.3% m/m and +2.47% y/y, stronger than expectations of +0.2% m/m and +2.20% y/y, with the +2.47% y/y gain the largest year-on-year increase in 14 months.
Nov WTI crude oil prices (CLX26) are down more than -1% today as signs of larger oil exports from Saudi Arabia are bearish for prices. Tracking data compiled by Bloomberg show Saudi Arabia's crude exports stood at 5.28 million bpd in September, the highest in seven months. Saudi Arabia also said it restored about 3.5 million bpd of the East-West Pipeline's 7 million bpd capacity on Monday after repairs restored the link damaged by drone strikes earlier this month. Crude losses are limited as hopes remain dim for an imminent breakthrough to end the war in Iran.
Markets are discounting a 70% chance of a +25 bp Fed rate hike at the next FOMC meeting on October 27-28.
Overseas stock markets are mixed today. The Euro Stoxx 50 rose to a 2.5-week high and is up +0.78%. China's Shanghai Composite closed up +0.18%. Japan's Nikkei-225 Stock Average closed down -0.60%.
Interest Rates
December 10-year T-notes (ZNZ6) are up +2 ticks today. The 10-year T-note yield is down -0.7 bp to 5.229%. T-note prices are moving higher today as a -1% decline in WTI crude oil prices is easing inflation expectations. T-notes also have support as some month-end buying occurs, as bond fund managers purchase T-notes ahead of month-end portfolio rebalancing on Wednesday. T-notes fell back from their best level after the July S&P composite-20 home price index rose more than expected.
European government bond yields are moving lower today. The 10-year German bund yield is down -4.8 bp to 3.595%. The 10-year UK gilt yield is down -5.5 bp to 5.367%.
The Eurozone Sep economic confidence indicator unexpectedly fell -0.5 to 97.9, weaker than expectations of an increase to 99.0.
Spain Sep CPI (EU harmonized) rose +5.0% y/y, stronger than expectations of +4.9% y/y and the largest increase in 3.5 years. Sep core CPI rose +3.1% y/y, stronger than expectations of +3.0% y/y.
Markets are discounting a 27% chance of a +25 bp ECB rate hike at the ECB’s next meeting on October 29.
US Stock Movers
Chipmakers and AI stocks are moving higher today, supporting gains in the broader market. The iShares Semiconductor ETF (SOXX) is up more than +1%. Applied Materials (AMAT) is up more than +4% to lead gainers in the Nasdaq 100, and KLA Corp (KLAC), Lam Research (LRCX), and Marvell Technology (MRVL) are up more than +3%. Also, ARM Holdings Plc (ARM), Broadcom (AVGO), and Microchip Technology (MCHP) are up more than +2%, and ASML Holding NV (ASML), Analog Devices (ADI), and Texas Instruments (TXN) are up more than +1%.
Cruise stocks are climbing today, led by a +11% jump in Carnival (CCL) to lead gainers in the S&P 500 after boosting its full-year adjusted EPS estimate to $2.24 from a previous estimate of $2.22. Also, Royal Caribbean Cruises (RCL) is up more than +5%, and Norwegian Cruise Line Holdings (NCLH) is up more than +4%.
Software stocks are under pressure for a second day today, limiting gains in the overall market. Datadog (DDOG) and Cadence Design Systems (CDNS) are down more than -3%. Also, Atlassian Corp (TEAM) is down more than -2%, and ServiceNow (NOW), Autodesk (ADSK), Microsoft (MSFT), and Workday (WDAY) are down more than -1%.
Fair Isaac (FICO) is down more than -20% to lead credit reporting agencies lower after FHA director Pulte announced a move that makes it easier for lenders to adopt VantageScore, a move that will increase competition that could pressure credit companies’ market share and pricing power. Equifax (EFX) and TransUnion (TRU) are also down more than -4%.
Summit Therapeutics (SMMT) is up more than +9% after AstraZeneca said it would make a $2 billion strategic equity investment in the company to jointly develop drugs.
CarMax (KMX) is up more than +7% after reporting Q2 net sales and operating revenue of $7.88 billion, well above the consensus of $7.05 billion.
FuelCell Energy (FCEL) is up more than +7% after Oppenheimer & Co initiated coverage on the stock with a recommendation of outperform and a price target of $24.
UniQure NV (QURE) is down more than -36% after saying the benefits of its Huntington’s disease gene therapy drug AMT-130 were not as good after four years as they were after three years in a small trial, a result that could complicate its bid to get the treatment approved by regulators.
Earnings Reports (9/29/2026)
AAR Corp (AIR), CarMax Inc (KMX), Carnival Corp Ltd (CCL), Concentrix Corp (CNXC), Critical Metals Corp (CRML), Uranium Energy Corp (UEC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

KLA Corporation

Options Strategies