MarketCatalystThe Dow surged past 51,700 points while the Nasdaq slipped below 27,100. Energy stocks led gains on higher oil, and a modest 10‑year yield dip helped bond‑sensitive sectors rebound.
Visa shares are up about 9% since the end of September and trading at record levels, backed by 14% revenue growth last quarter and nearly 200% growth in stablecoin-linked card volume. Earnings on Oct. 27 are the next test.
Chipotle fell about 4% and Starbucks rose about 1.6% after Starbucks flatly denied a takeover, days after a Financial Times report sent Chipotle up as much as 8.5% and Starbucks down as much as 6.7%.
Both stocks fell after Mizuho downgraded them, cut price targets to $5 and $4, and sharply lowered the odds of a fast exit from conservatorship, citing higher mortgage rates, FHFA balance sheet moves and credit scoring changes.
The iShares Semiconductor ETF fell about 2% by midday Monday as memory names slid on China's CXMT news and AI optical suppliers Lumentum and Applied Optoelectronics dropped 7% to 10%, while Nvidia and TSMC held up better.
Salesforce rose about 4% after Bank of America upgraded it to Buy, Micron and Intel slipped, and Brent crude hovered near $106 as Strait of Hormuz tensions lingered. Plus this week's economic calendar, led by Wednesday's CPI and the start of bank earnings.