Banks lift the Dow to a one-month high as chips slide again
The S&P 500 and Nasdaq were lower at midday on AI worries.
Markets · Friday, October 16, 2026 · 12:30 PM ET
Stocks were mixed through the morning on Friday. Banks lifted the Dow to its highest level in more than a month, while another slide in chip and AI-linked shares held the S&P 500 and Nasdaq lower (Reuters, AP).
Where the indexes stood
At 10:24 a.m. ET the Dow was up 221.78 points, or 0.43%, at 52,401.89, the S&P 500 was down 0.09% at 7,736.76 and the Nasdaq Composite was down 0.70% at 26,527.14, Reuters reported. AP said that as of 11 a.m. the S&P 500 was down 0.1%, the Dow up 226 points, or 0.4%, and the Nasdaq down 0.7%, headed for its first weekly loss in five weeks.
Reuters said gains in Goldman Sachs and JPMorgan Chase lifted the Dow, and that financials rose 1.1% and materials 1.6%. Information technology was the biggest drag on the S&P 500, down 0.9%. The broader chips index lost 1.8%, with Micron down 3.9% and AMD down 3.3%, Reuters said.
For the week, Reuters said the S&P 500 and Nasdaq were set for losses and the Dow for a gain. Reuters added that markets increasingly expect the Federal Reserve to keep rates unchanged this month after Chair Kevin Warsh declined to guide on the next move. See First Light and our market-open story. Figures are mid-morning readings and change through the day.