JBizNews U.S. Market Opening Recap — Monday, October 12, 2026 | 10:00 A.M. ET
Wall Street opened mixed on Columbus Day as oil prices surged toward $107 a barrel following deadly attacks on Saudi Arabia’s main airport in Riyadh. Energy stocks climbed, technology shares weakened, and investors prepared for a critical week of bank earnings and inflation reports that could determine the Federal Reserve’s next interest-rate decision.
The Dow Jones Industrial Average opened at 51,746.95, up 92 points, or 0.18%. The S&P 500 opened at 7,815.72, up 4.18 points, or 0.05%, while the Nasdaq Composite opened at 27,353.28, down 12.89 points, or 0.05%.
By approximately 10 a.m., the Dow remained about 90 points higher, the S&P 500 was little changed, and the Nasdaq was down roughly 0.1%, reflecting the divide between rising energy shares and weakness in semiconductors.
The biggest concern Monday morning is the renewed threat to global energy supplies.
Brent crude jumped 2.1% to approximately $106.95 a barrel, while West Texas Intermediate traded near $93. Oil prices have swung sharply in recent weeks as the conflict involving Iran continues to disrupt shipping, regional aviation and energy markets.
The latest escalation followed a series of attacks on Riyadh’s King Khalid International Airport by Yemen’s Iran-backed Houthi forces.
Saturday’s attack killed 12 people and injured more than 300. Another strike Sunday killed one additional person and wounded 11 others, forcing Saudi authorities to extend the airport’s closure.
International airlines have canceled or suspended flights, creating additional disruptions for passengers, businesses and major international events scheduled in the Saudi capital.
The attacks did not directly shut down Saudi oil production, but they have raised concerns about the vulnerability of critical infrastructure throughout the region.
For American businesses, the consequences could extend far beyond the oil industry.
Higher crude prices increase transportation, manufacturing and distribution costs. Airlines face higher jet-fuel expenses, trucking companies pay more for diesel, and manufacturers must absorb additional costs throughout their supply chains.
Businesses that cannot pass those increases to customers face shrinking profit margins. Those that can raise prices risk adding to the inflation pressures the Federal Reserve is trying to control.
President Donald Trump has also announced what he describes as an agreement with Russia to purchase diesel supplies and halt attacks on energy infrastructure in the Russia-Ukraine conflict.
However, details remain uncertain, and questions about the proposed arrangement have already emerged in Washington. The announcement has not eliminated concerns about supply disruptions in the Middle East.
Energy companies were among Monday’s strongest performers.
Exxon Mobil gained approximately 1.8%, while Chevron climbed 1.9%. Higher crude prices can improve revenue and profitability for producers, even as those same increases place pressure on airlines, manufacturers and consumers.
The energy sector gained approximately 1.8% in early trading, helping offset weakness elsewhere in the market.
Salesforce Gains as AI Concerns Ease; Micron Falls on Chinese Competition
One of the Dow’s strongest contributors was Salesforce, which climbed approximately 3% to 3.5% after Bank of America upgraded the company two levels, from Underperform to Buy.
The bank also increased its price target to $285 from $160, citing improved confidence in Salesforce’s artificial-intelligence strategy.
The upgrade represents an important shift in how investors are evaluating enterprise software companies.
Earlier concerns suggested that AI could eventually allow businesses to replace expensive software platforms with internally developed systems.
Bank of America now believes established enterprise platforms may become more valuable as corporations integrate AI into their existing operations.
Salesforce’s customer relationships, data systems and business workflows could make its AI products more attractive to corporations that need secure, integrated technology rather than stand-alone applications.
Semiconductor stocks faced a different situation.
Micron Technology fell approximately 4.2%, while Advanced Micro Devices declined about 1.8%.
Memory-chip manufacturers came under pressure after Chinese competitor ChangXin Memory Technologies announced progress on a more advanced memory-cell design.
The development raised concerns that Chinese manufacturers could eventually challenge established producers more aggressively, increasing competition and potentially affecting future chip prices.
The timing is important because Micron and other memory manufacturers have benefited enormously from AI-related demand.
Investors are now weighing whether future competition could eventually weaken the exceptional pricing power that has helped drive semiconductor earnings and stock valuations higher.
Meta Platforms rose approximately 3.2%, helping support communications stocks.
Meanwhile, IREN gained roughly 2% following a report that AI developer Anthropic had entered into a multiyear cloud-computing agreement with the data-center company. The reported agreement had not been independently confirmed by the companies.
The development reflects the continuing expansion of AI infrastructure spending, even as investors become more selective about individual companies.
Another notable decline came from IonQ, which fell approximately 4.7% after announcing plans to acquire cybersecurity company Elisity in an all-stock transaction valued at up to $1.3 billion.
Investors appeared cautious about the size and potential integration costs of the acquisition as IonQ continues expanding beyond its core quantum-computing business.
Starbucks Denies Chipotle Takeover, Sending Restaurant Shares Lower
The restaurant industry also produced a significant development Monday morning.
Chipotle Mexican Grill fell approximately 3% after Starbucks publicly denied reports that it was preparing an acquisition of the burrito chain.
The speculation had raised the possibility of a combination between two of America’s largest restaurant brands.
Starbucks, however, said it was not purchasing Chipotle, removing the immediate possibility of a takeover premium for Chipotle shareholders.
Starbucks shares gained approximately 1%.
The proposed transaction would have reunited Starbucks CEO Brian Niccol with the company he previously led, but it also would have raised major questions about financing, integration and the strategic direction of both businesses.
No Major U.S. Economic Reports Monday as Bond Market Closes for Columbus Day
Unlike recent trading sessions, Monday morning brought no major scheduled U.S. economic releases.
The federal holiday means the Treasury bond market is closed, although the New York Stock Exchange and Nasdaq are operating normally.
That distinction is particularly important because Treasury yields have been among the largest drivers of stock-market volatility in recent weeks.
The benchmark 10-year Treasury yield ended last week near 5.24%, after previously reaching multidecade highs.
With the cash bond market closed Monday, investors will not receive the usual trading signals from Treasury yields about how markets are responding to higher oil prices and changing inflation expectations.
The economic calendar becomes considerably more important beginning Wednesday.
The September Consumer Price Index will be released Wednesday, October 14, at 8:30 a.m. ET, followed by the Producer Price Index and September retail sales Thursday, October 15, at 8:30 a.m. ET.
Together, those reports will provide a broad picture of inflation at the consumer and business levels, along with whether American households are continuing to spend despite rising costs.
The results could influence expectations for the Federal Reserve’s October 27–28 meeting.
Investors currently assign approximately a 19% probability to another interest-rate increase this month, according to CME FedWatch figures cited by Reuters.
A stronger-than-expected inflation report could increase that probability, particularly if higher energy costs appear to be spreading into other prices.
Major Bank Earnings Begin Tuesday
Wall Street is also preparing for one of the most important corporate earnings weeks of the quarter.
JPMorgan Chase, Goldman Sachs and Citigroup are scheduled to report Tuesday, followed by additional major financial institutions throughout the week.
The banking results will provide important evidence about the health of American businesses and consumers.
Investors will be looking closely at lending demand, credit-card delinquencies, commercial real-estate exposure, deposit costs and whether higher interest rates are helping or hurting bank profitability.
The results should also show whether businesses are expanding through new borrowing or postponing investments because financing has become too expensive.
Corporate earnings expectations remain unusually strong.
According to LSEG data cited by Reuters, S&P 500 third-quarter earnings are expected to grow approximately 30.6% from a year earlier.
That creates significant expectations for companies beginning to report this week.
Strong earnings could provide support for stocks despite higher energy prices and borrowing costs.
Disappointing results could quickly renew concerns that valuations have moved too far ahead of corporate profitability.
What to Watch for the Rest of Monday
Oil remains the most immediate concern.
With Brent trading near $107, another escalation involving Saudi Arabia, Iran or critical shipping routes could increase inflation expectations before Wednesday’s CPI report.
Any signs of improving security or greater fuel supplies could provide relief to airlines, manufacturers and transportation companies.
Investors will also be watching whether the technology selloff spreads.
Micron and AMD are under pressure, but Salesforce and Meta are posting strong gains. Whether buyers return to semiconductor stocks could determine if the Nasdaq recovers during the afternoon.
At 12:50 p.m. ET, Cleveland Federal Reserve President Beth Hammack is scheduled to deliver a keynote address at the National Association for Business Economics annual meeting.
Her comments on inflation, economic growth and interest-rate policy could influence expectations ahead of Wednesday’s CPI release, particularly with the Treasury market closed Monday.
Finally, investors will be watching whether the Dow can maintain its gains as Wall Street moves closer to Tuesday’s bank earnings.
Monday’s opening reflects two competing forces.
Oil is approaching $107, creating renewed inflation and business-cost concerns.
At the same time, investors are anticipating strong corporate profits, and some of the largest technology companies continue to attract buying interest.
The S&P 500 remains close to record territory, but its strength is becoming increasingly dependent on whether corporate earnings can justify elevated valuations in an environment of expensive energy and high borrowing costs.
For businesses, the week ahead will provide important answers.
Wednesday will show whether inflation is easing. Thursday will show whether consumers are still spending. And major bank earnings will show how American businesses and households are managing the cost of borrowing.
Those results could determine whether Wall Street extends its rally or begins reassessing the economic outlook.
JBizNews Desk | Wall Street
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