Stock Market Update
19-Oct-26 10:05 ET
Opening rebound for semiconductors and mega-cap stocks
Dow -56.42
at 51946.20,
Nasdaq +224.04
at 26384.52,
S&P +30.17
at 7689.68
[BRIEFING.COM] The S&P 500 (+0.4%) and Nasdaq Composite (+0.9%) are firmly higher shortly after the open as semiconductor stocks and select mega-cap names rebound from a sharp selloff last week. The buy-the-dip bid weighs on the broader market, however, leaving the DJIA (-0.1%) modestly lower.
The top-weighted information technology sector (+1.2%) boasts a solid opening gain, supported by an early rebound in the PHLX Semiconductor Index (+2.1%). Memory names are among the top performers, while Intel (INTC 93.47, +3.62, +4.03%) also climbs after JPMorgan upgraded the stock to Neutral from Underweight, with a target price of $85.
The consumer discretionary sector (+1.2%) holds an identical gain, with Amazon (AMZN 256.80, +6.80, +2.72%) and Tesla (TSLA 361.42, +6.70, +1.89%) moving firmly higher. The Vanguard Mega Cap Growth ETF is up 0.9%.
Meanwhile, seven S&P 500 sectors trade lower, though the losses are generally modest in nature. The utilities sector (-1.0%) holds the widest loss, while the real estate sector (-0.9%) is also firmly lower.
Just released, the NAHB Housing Market Index contracted to 29 in October (Briefing.com consensus 31), down from the prior level of 31.
