Live Markets: AI trade rebounds, but leadership remains narrow

Apple

Mon 15:12

Main US indexes mixed
October NAHB Housing Market Index 29 vs 31 estimate
Euro STOXX 600 index falls ~1%
Dollar gains; bitcoin rises ~1%; gold, US crude decline
US 10-year Treasury yield flat at ~5.10%
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
     
AI TRADE REBOUNDS, BUT LEADERSHIP REMAINS NARROW
The S&P 500 .SPX and Nasdaq .IXIC are higher early Monday as investors return to AI-related stocks after last week's sharp selloff. Lower oil prices are also helping sentiment ahead of a busy week of earnings reports.
The gains, however, mask a more mixed picture beneath the surface.
Most S&P 500 sectors are lower, with utilities .SPLRCU and real estate .SPLRCR, both down more than 1%, among the weakest groups. Technology .SPLRCT and consumer discretionary .SPLRCD, meanwhile, are leading the market with gains of more than 1%.
Digging deeper, chip stocks .SOX are among the strongest performing groups. At the same time, a steady US 10-year Treasury yield US10YT=RR is weighing on rate-sensitive areas of the market. Gold and silver miners .XAU are trading lower, while housing-related stocks .HGX are also under pressure.
After suffering its worst week relative to S&P 500 value .IVX since April 2024, S&P 500 growth .IGX is on pace to outperform value for the first time in six sessions.
A couple of areas continue to stand out. The S&P 500 Energy sector .SPNY is on track for a record close, while Apple AAPL.O is also flirting with a record finish.
Utilities are telling a different story. Once a market leader, the sector is now down more than 12% from its February 2026 record closing high, underscoring how persistently elevated Treasury yields have reshaped market leadership.
Overall, Monday's action suggests investors are selectively rotating back into growth and AI-linked names, even as broader sector performance remains uneven.
     Here is a snapshot of where markets stood shortly after 10 a.m. ET.
(Terence Gabriel)
*****
     
EARLIER ON LIVE MARKETS:
NASDAQ BREADTH NEARS A PRIOR WASHOUT LOW CLICK HERE
INVESTORS LIKE EUROPE, JUST NOT THE euro zone CLICK HERE
HAPPY HOUR IS OVER: SIN STOCKS FACE REFINANCING HEADWINDS CLICK HERE
ELECTION OPPORTUNITY FOR SPANISH BONDS CLICK HERE
EUROPEAN SHARES FALL, FRANCE UNDERPERFORMS CLICK HERE
EUROPE BEFORE THE BELL: ELEVATED OIL PRICES, RIOTING LEAVE FUTURES IN THE RED CLICK HERE
MARKETS LEFT TO FIGURE OUT SANCTIONS CLICK HERE
     

NasdaqNLNLIndex10192026 https://fingfx.thomsonreuters.com/gfx/buzz/myvmrqxmgpr/NasdaqNHNLIndex10192026.png
EarlyTrade10192026 https://fingfx.thomsonreuters.com/gfx/buzz/dwpkmqlrxpm/EarlyTrade10192026.png
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)