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Lumentum −7.7%, Chips −2.6%, Meta +3.8%: Midday 10

Chips — memory and optics sold again: Lumentum −7.7%, SanDisk −6.5%, chip fund −2.6%; Meta +3.8%

A green open turned red: S&P 500 flat, Nasdaq-100 −0.6%, Dow +0.4%. Salesforce and Workday rise, but the software funds slip too — the money is leaving the chips more than it is going into software. Oil +2.2% to $107, bitcoin −1.4%.

In this edition

LITE CIEN SNDK COHR MU GLW SOXX SMH

The Midday 10 Mon, Oct 12, 2026 ~60 seconds 11:05 ET

More of the same from last week. US stocks opened higher and turned lower within the first hour; at about 11:00 ET the S&P 500 is flat, the Nasdaq-100 down 0.6% and the Dow up 0.4%. The selling sits in the same place as on Thursday and Friday: the chip makers, and above all the memory and fibre-optic suppliers of the AI build-out. The chip fund SOXX is down 2.6%; Lumentum −7.7%, Ciena −7.8%, SanDisk −6.5%, Micron −4.0%. Korea had already closed 3.7% lower overnight.

Software holds up better, but it is not rising as a group: Salesforce +2.5%, Workday +2.8% and Microsoft +1.1% are up, while the software fund IGV and the cloud fund CLOU are both down 0.7%. Meta leads the megacaps with +3.8%. Oil reverses its morning dip and jumps 2.2% to $107; bitcoin falls 1.4% to about $82,500. The big banks report tomorrow before the open.

US intraday quotes at about 11:00–11:05 ET (15:00–15:05 UTC); moves are measured against Friday's closes. Intraday prints are not closes. Index-fund and ETF quotes via Yahoo Finance and the site's live market strip; single-stock movers from the Nasdaq-100, S&P 500 and Dow movers boards. Reasons for the memory and optics moves as reported by Investing.com and TheStreet. The US bond market is closed for Columbus Day.

  1. Memory and optics sold: Ciena −7.8%, Lumentum −7.7% to $1,018, SanDisk −6.5% to $1,479, Coherent −5.6%, Corning −5.0%, Micron −4.0% to $988
  2. Chip makers down again: SOXX −2.6% to $544.90, SMH −2.1%; Marvell −4.1%, Arm −4.0%, Intel −3.6%, AMD −3.4%, Nvidia −1.5%
  3. Green open, red by 11:00: S&P 500 flat, Nasdaq-100 −0.6%, Dow +0.4%, Russell 2000 −0.2%
  4. Software apps rise, software funds don't: Shopify +3.6%, Workday +2.8%, Salesforce +2.5%, Microsoft +1.1% — IGV −0.7%
  5. Meta +3.8% to $746 leads the megacaps; eBay +5.3%, Apple +1.3%, Alphabet +1.0%
  6. AI builders and hardware: Bloom Energy −7.0%, Super Micro −5.3%, Nebius −5.0% to $210, HPE −4.1%, Cisco −3.0%
  7. Phone carriers bounce: T-Mobile +2.3% to $152.04, Verizon +1.2%, AT&T +0.5%
  8. Sectors: energy +1.0%, communication services +1.0%, financials +0.6%, health care +0.3% — tech −1.2%
  9. Oil reverses up: Brent +2.2% to $107.05, US crude $93.94; gold −0.7% to $4,186, bitcoin −1.4% to $82,545
  10. Banks into tomorrow's results: financials fund +0.6%, Goldman Sachs −0.3% to $892.70

The ten lines

  1. 1

    DOWN Memory and optics sold: Ciena −7.8%, Lumentum −7.7% to $1,018, SanDisk −6.5% to $1,479, Coherent −5.6%, Corning −5.0%, Micron −4.0% to $988

    LITECIENSNDKCOHRMUGLW

    The suppliers of memory and fibre-optic parts for AI data centres fall hardest — the same group that led the build-out this year. Reports cite a sector-wide memory sell-off after the weakness in Asia, where Korea's Kospi closed 3.7% lower, and profit-taking in Lumentum after a 52-week high.

  2. 2

    DOWN Chip makers down again: SOXX −2.6% to $544.90, SMH −2.1%; Marvell −4.1%, Arm −4.0%, Intel −3.6%, AMD −3.4%, Nvidia −1.5%

    SOXXSMHAMDMRVLARMNVDA

    Broadcom −1.4% and TSMC's US shares −1.3% fall less. The semiconductor fund SOXX is now 16.8% below its June high and on course for its fifth loss in a row.

  3. Token Split Pulse Chinese versus US model usage, measured in tokens — the demand side of the AI race, daily. See the split →
  4. 3

    LEVEL Green open, red by 11:00: S&P 500 flat, Nasdaq-100 −0.6%, Dow +0.4%, Russell 2000 −0.2%

    SPYQQQDIAIWMRSP

    The equal-weight S&P 500 fund RSP is flat (+0.05%), so the average stock is holding while the tech-heavy Nasdaq-100 carries the loss. The S&P 500 started the day 0.1% below its record.

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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.