NEW YORK, Oct. 12 (Xinhua) -- U.S. stocks closed mixed on Monday, as a slump in chip and other technology shares and rising oil prices offset gains in energy and other value names.
The Dow Jones Industrial Average rose 195.6 points, or 0.38 percent, to 51,850.55. The S&P 500 shed 4.3 points, or 0.06 percent, to 7,807.24. The Nasdaq Composite Index dropped 120.27 points, or 0.44 percent, to 27,245.9.
Eight of the 11 primary S&P 500 sectors ended in the green. Energy was the day's best-performing S&P 500 sector, while technology led the laggards as memory-chip and AI-hardware stocks slumped.
The cash U.S. Treasury market was closed for Columbus Day, leaving investors without a fresh read on bond yields. The benchmark 10-year Treasury yield ended Friday at about 5.24 percent, just off the more-than-two-decade high it touched earlier in the week, while the 30-year yield hovered near 5.6 percent.
Oil prices rose as supply worries persisted, despite U.S. President Donald Trump's weekend announcement of an "energy ceasefire" between Russia and Ukraine. West Texas Intermediate for November delivery went up 1.89 U.S. dollars, or 2.06 percent, to settle at 93.74 dollars a barrel. Brent crude for December delivery increased by 1.93 dollars, or 1.84 percent, to settle at 106.65 dollars a barrel on the London ICE Futures Exchange.
"While this week's inflation data could be a near-term volatility trigger, the new earnings season may play a bigger role in shaping the market's momentum into year end, since it may signal how strong those tailwinds really are," said Chris Larkin, managing director of trading and investing at E*TRADE from Morgan Stanley.
On the corporate front, chip stocks sold off after Broadcom CEO Hock Tan warned at a Singapore conference that capital constraints could become a bigger obstacle to the AI buildout than shortages of chips, memory or electricity. He likened many AI investors to casino gamblers. Intel CEO Lip-Bu Tan echoed the financing concerns.
The Philadelphia Semiconductor Index dropped about 2.6 percent, marking its fourth straight session of losses following the concerns. Broadcom slipped nearly 2 percent and Intel fell more than 3 percent. Micron Technology was down nearly 4 percent and SK Hynix was down more than 4 percent.
Meanwhile, Lumentum Holdings tumbled 9.78 percent, marking the worst performance on the Nasdaq, while Salesforce rose more than 2 percent after Bank of America upgraded the stock to "Buy" from "Underperform." Meta Platforms bounced up more than 3 percent. Exxon Mobil and Chevron rose 1.9 percent and 1.42 percent, respectively.
Investors now turn to a heavy week of catalysts. Third-quarter earnings season kicks off Tuesday with results from JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup, followed by ASML later in the week. Johnson & Johnson and UnitedHealth Group are also slated to issue results before the bell on Tuesday. ■