New York stock market mixed due to weakness in semiconductors... Dow 0.38%↑·NASDAQ 0.44%↓

Micron fell 3.88%... Philadelphia semiconductor index falls 2.67%

Apple, MS, and Meta rise... Pay attention to bank performance and price announcements amid rising oil prices

The New York stock market closed mixed on the 12th (local time) amid weakness in semiconductor stocks. Semiconductor stocks such as Micron and Nvidia fell together, pulling down the Nasdaq index, but the trends for each index diverged as some large stocks such as Apple and Microsoft rose. Ahead of the announcement of major banks' performance and price indicators this week, the rise in international oil prices also acted as a burden on the market.

On this day, the Dow Jones Industrial Average ended trading at 51,850.55, up 195.60 points (0.38%) from the previous trading day. The Standard & Poor's (S&P) 500 index fell 4.30 points (0.06%) to 7807.24, and the Nasdaq Composite Index fell 120.27 points (0.44%) to 27,245.90.

The decline in semiconductor stocks was greater than that of major indices. The Philadelphia Semiconductor Index closed at 12,236.79, down 335.63 points (2.67%). Micron fell 3.88%, Intel fell 3.20%, and AMD fell 2.28%, and Nvidia and Broadcom also fell 1.29% and 1.88%, respectively. Semiconductor equipment companies Lam Research and KLA also fell 2.91% and 2.79%, respectively.

Memory stocks are increasingly wary of Chinese companies' pursuit. Investors Business Daily (IBD) reported that news of China's Changxin Memory Technology (CXMT)'s progress in next-generation DRAM technology served as the backdrop for Micron's decline. The explanation is that concerns about intensifying competition were highlighted as CXMT presented plans to launch related server memory products within the year. Storage device-related stocks SanDisk also fell 5.97%, Seagate fell 3.80%, and Western Digital fell 2.60%.

Among large technology stocks, rising stocks were also notable. Apple rose 1.29% and Microsoft rose 1.14%. On this day, Microsoft unveiled its own artificial intelligence (AI) chip, ‘Maia 300,’ and announced plans to expand the Maia system to several gigawatts starting in 2027.

Meta rose 3.38% while unveiling new AI models ‘Muse Wonder’ and ‘Muse Wonder Pool’. Alphabet also rose 0.30%. On the other hand, Amazon fell 1.10% and Tesla fell 1.22%, showing mixed fluctuations even among large stocks.

Energy stocks and consumer staples stocks performed strongly. ExxonMobil rose 1.90%, Chevron rose 1.43%, and ConocoPhillips rose 2.58%. Walmart and Costco rose 1.55% and 1.32%, respectively, and Coca-Cola also rose 1.98%. While semiconductor stocks were weak, major energy and consumer staple stocks rose, showing differentiation by industry.

The reason behind the rise in energy stocks was a rebound in international oil prices. Anxiety about the situation in the Middle East increased as Saudi Arabia's Riyadh International Airport was attacked over the weekend. West Texas Intermediate (WTI) futures closed at $93.74 per barrel, up 2.06% from the previous trading day, and Brent crude oil futures closed at $106.65, up 1.84% from the previous trading day. The U.S. Treasury market was closed for Columbus Day.

The market will now check corporate performance and price indicators. On the 13th, JP Morgan Chase, Goldman Sachs, Citigroup, and Wells Fargo will announce their third quarter earnings. Following this, the US September Consumer Price Index (CPI) will be released on the 14th, and the Producer Price Index (PPI) will be released on the 15th. Companies' performance forecasts and price trends are expected to be major variables in the stock market this week.