S&P 500 Ends Flat as Chip Selloff Drags Nasdaq While Dow Gains on Q3 Earnings Optimism

U.S. stocks finished a mixed session on October 12, 2026, as a broad selloff in semiconductor shares weighed on technology stocks and pulled the Nasdaq 100 down 0.7%, while the S&P 500 closed little changed, off 0.06%, and the Dow Jones Industrial Average gained 0.4%. The Dow's advance came even as it was trading below its 200-day simple moving average, with live levels showing the index around 52,570.

Nvidia was the single largest drag on the market, shedding $71.3 billion in market value, while Micron lost $45.1 billion and Broadcom gave back $32.5 billion. On the other side, Apple added $63.2 billion, Meta gained $61.9 billion, and Microsoft contributed $45.1 billion, partially offsetting the tech hardware losses.

The session unfolded as investors positioned ahead of two key catalysts: third-quarter earnings season, with S&P 500 profits expected to rise 25% year over year, and Wednesday's U.S. Consumer Price Index report, which could influence the Federal Reserve's rate path. Options activity in JPMorgan Chase was notably elevated, with 54,328 contracts traded during the day. The E-mini Nasdaq-100 futures contract also traded one standard deviation below its five-day moving average, reflecting the session's tech-sector stress.

The backdrop is a bull market now entering its fifth year, with the S&P 500 having delivered a 118% price return since its October 2022 low. Market commentary flagged concerns about concentration, with one analyst noting the index effectively functions more like an "S&P 1000" given how narrowly leadership has been distributed among a small group of mega-cap names.