End-of-day recap
Oil's rise after attacks on Riyadh airport lifted energy stocks while chip weakness, led by Micron and Ciena, dragged tech lower, even as Meta rose on its Muse Wonder launch.
AI news split stocks today as oil rose and bank results drew near. The Dow rose 0.38% as tech fell.
Meta rose 3.38% to $742.96 on the Muse Wonder launch, after trading as much as 4.67% higher. Meta says the model has frontier skills in code, finance and law. It will soon power the paid tier of its Muse AI agent, Bloomberg said.
Micron fell 3.88% to $989.04, after sliding as much as 4.91% intraday, as CXMT reported progress on a new memory-cell design. Yahoo tied the drop to that news. The Chinese firm aims to launch a server memory product based on it by the end of 2026.
Ciena fell 9.95% to $405.01 as AI optics stocks sold off. Investing.com tied the loss to the group decline, which also hit Lumentum and Coherent. It found no fresh Ciena news, results or analyst action to explain the fall.
The Nasdaq fell 0.44% to 27,245.90. Reuters tied the strain to oil's rise after attacks on Riyadh airport, with bank results and price data ahead. Bonds were shut for the holiday; the last 10-year yield, from Oct. 9, was 5.24%.
Energy rose 1.43% as tech fell 1.22% in FMP's sector data. Reuters linked energy gains to oil and said chips led tech weakness. Meta helped lift communication services, which rose 0.97%, on its new AI model news.
Delta saw two target shifts. Seaport raised its goal to $100 from $95; Argus cut its goal to $95 from $105. DAL closed at $80.11, down 2.51%, below both new targets.
Barclays began Linde at Overweight with a $577 goal and PPG at Overweight with $136. It also began Sherwin-Williams at Equal Weight with $348 and Dow Inc. at Underweight with $30, setting out its new ratings across those names.
Jefferies' Akash Tewari raised his Bristol Myers goal to $76 from $73. BMY swung from up 2.64% to down 4.06% after two Phase 3 readouts, with admilparant's higher IPF dose missing significance, and closed down 2.60% at $57.58.
Morgan Stanley cut its Hess Midstream LP goal to $30 from $39 after the close. HESM closed at $32.37, up 0.34%, above the bank's new target.
In the most-active options names, NVDA fell 1.29%, TSLA 1.22% and MU 3.88%, while META rose 3.38% and AAPL 1.29%.
Oil led energy higher while chips weighed on tech.
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