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Cloud +2.9%, Chips −0.9%, Delta Cuts Outlook: Midday 10

AI Trade — cloud fund +2.9% on a second up day, security +2.7%; chips −0.9% again, Delta −1.6% on fuel

The S&P 500 gains 0.5% and the average stock rises with it. The money keeps moving from the chip makers to the companies that run and sell AI: Zscaler +6.4%, Datadog +5.7%, Oracle +4.8%, while TSMC and AMD slip. Delta cut its outlook on jet fuel.

In this edition

CLOU IGV WCLD CIBR SPY QQQ RSP IWM

The Midday 10 Fri, Oct 9, 2026 ~60 seconds 12:40 ET

Thursday's split carries into Friday. On Thursday the chip index fell 3.4% while the software that uses AI rose; today the market is higher overall, and the split is the same. The cloud fund CLOU is up 2.9% at $29.83, above the $29.20 line it had tested since August — the line in this week's Chart Pick. The cybersecurity fund CIBR rises 2.7%, broad software (IGV) 2.1%. The chip funds fall again: SOXX −0.9%, SMH −0.8%.

The broad market is firm: the S&P 500 is up 0.52% at 7,806, the Nasdaq 0.55%, the Dow 0.72%, the Russell 2000 0.36%, and the equal-weight S&P fund RSP 0.44% — almost as much as the index, so the gains are broad. Oil is flat (Brent $104.12) after President Trump said the US would not attack Iran before the midterm elections, and the 10-year yield holds near 5.25%.

Delta reported third-quarter earnings of $1.72 a share, a little short of estimates, and cut its 2026 profit outlook to $5.10–5.60 a share from $6.50–7.50 because it spent 62% more on fuel than a year ago, as reported. The stock trades 1.6% lower; United and American follow.

US intraday quotes at about 12:40 ET (16:40 UTC); moves are measured against Thursday's closes. Intraday prints are not closes. Delta's figures as reported from its third-quarter release.

  1. Cloud fund CLOU +2.9% to $29.83, above its $29.20 line; software IGV +2.1%, cybersecurity CIBR +2.7%
  2. Broad gains: S&P 500 +0.52% at 7,806, Nasdaq +0.55%, Dow +0.72%, Russell 2000 +0.36% — equal-weight S&P +0.44%
  3. Chips don't bounce: SOXX −0.9%, SMH −0.8%, TSMC −1.6%, AMD −1.8%, Micron −0.8%, Nvidia −0.5%
  4. Security names lead: Zscaler +6.4%, Palo Alto +3.9%, CrowdStrike +3.4%
  5. The data and monitoring layer: Datadog +5.7%, Snowflake +4.8%, Cloudflare +4.2%
  6. Cloud landlords: Oracle +4.8% to $141.73, Microsoft +2.4% to $534.92
  7. Delta −1.6% to $80.84 after cutting its 2026 outlook on fuel; United −1.4%, American −1.1%
  8. Power generators rebound: Constellation +4.8%, Vistra +2.0%
  9. Oil flat, gold up: Brent −0.2% at $104.12, US crude $91.46; 10-year yield 5.25%; gold +1.4% to $4,213, bitcoin +1.2%
  10. Penguin Solutions +2.9% to $73.65 on the last day of its scoring window

The ten lines

  1. 1

    UP Cloud fund CLOU +2.9% to $29.83, above its $29.20 line; software IGV +2.1%, cybersecurity CIBR +2.7%

    CLOUIGVWCLDCIBR

    A second up day for cloud (Thursday +0.7%), and today broad software joins in after a flat Thursday. $29.20 is the best close since November 2021 and the line the fund has tested four times since August; a close above it today would be the first. The record close from 2021 is $31.64.

  2. 2

    LEVEL Broad gains: S&P 500 +0.52% at 7,806, Nasdaq +0.55%, Dow +0.72%, Russell 2000 +0.36% — equal-weight S&P +0.44%

    SPYQQQRSPIWM

    The equal-weight fund keeps pace with the index, so this is not a handful of giants lifting the average.

  3. Trade the Look The Compound — growth with no tech inside: the fourth wikifolio, in its test phase. See the wikifolio →
  4. 3

    DOWN Chips don't bounce: SOXX −0.9%, SMH −0.8%, TSMC −1.6%, AMD −1.8%, Micron −0.8%, Nvidia −0.5%

    SOXXSMHTSMAMD

    On an up day for the market, the chip makers fall again. The semiconductor fund SOXX is now 15% below its June high. Broadcom is the exception at +0.7%.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.