U.S. stocks end mixed as tech shares slide

U.S. stocks closed mixed on Monday, as a slump in chip and other technology shares and rising oil prices offset gains in energy and other value names.

The Dow Jones Industrial Average rose 195.6 points, or 0.38 percent, to 51,850.55. The S and P 500 shed 4.30 points, or 0.06 percent, to 7,807.24. The Nasdaq Composite Index dropped 120.27 points, or 0.44 percent, to 27,245.90.

Eight of the 11 primary S and P 500 sectors ended in the green. Energy was the day's best-performing S and P 500 sector, while technology led the laggards as memory-chip and AI-hardware stocks slumped.

The cash U.S. Treasury market was closed for Columbus Day, leaving investors without a fresh read on bond yields. The benchmark 10-year Treasury yield ended Friday at about 5.24 percent, just off the more-than-two-decade high it touched earlier in the week, while the 30-year yield hovered near 5.6 percent.

Oil prices rose as supply worries persisted, despite U.S. President Donald Trump's weekend announcement of an "energy ceasefire" between Russia and Ukraine. West Texas Intermediate for November delivery went up 1.89 U.S. dollars, or 2.06 percent, to settle at 93.74 dollars a barrel. Brent crude for December delivery increased by 1.93 dollars, or 1.84 percent, to settle at 106.65 dollars a barrel on the London ICE Futures Exchange.

On the corporate front, chip stocks sold off after Broadcom CEO Hock Tan warned at a Singapore conference that capital constraints could become a bigger obstacle to the AI buildout than shortages of chips, memory or electricity. He likened many AI investors to casino gamblers. Intel CEO Lip-Bu Tan echoed the financing concerns.

The Philadelphia Semiconductor Index dropped about 2.6 percent, marking its fourth straight session of losses following the concerns. Broadcom slipped nearly 2 percent and Intel fell more than 3 percent. Micron Technology was down nearly 4 percent and SK Hynix was down more than 4 percent.

Meanwhile, Lumentum Holdings tumbled 9.78 percent, marking the worst performance on the Nasdaq, while Salesforce rose more than 2 percent after Bank of America upgraded the stock to "Buy" from "Underperform." Meta Platforms bounced up more than 3 percent. Exxon Mobil and Chevron rose 1.9 percent and 1.42 percent, respectively.

Investors now turn to a heavy week of catalysts. Third-quarter earnings season kicks off Tuesday with results from JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup, followed by ASML later in the week. Johnson and Johnson and UnitedHealth Group are also slated to issue results before the bell on Tuesday.

China hopes Colombia's peace process will continue to make new progress, China's deputy permanent representative to the United Nations, Sun Lei, said Monday at a Security Council meeting on the situation in Colombia.

Sun highlighted the headway made over the past decade and called for unified national efforts moving forward.

"A decade ago, the signing of the final peace agreement brought an end to Colombia's more than half-a-century-long civil war, setting an example of resolving conflicts through dialogue. Thanks to the joint efforts of successive Colombian governments, various sectors of society and the international community, positive progress has been made in implementing the peace agreement," Sun said.

"China hopes that the new Colombian government will prioritize the country's long-term development and the fundamental interests of its people, unite all parties, and continue to advance toward the goal of achieving comprehensive and lasting peace," he said.