Stock Market Today, Oct. 12: Dow Gains as Memory Stocks Weigh on Nasdaq

The Dow Jones Industrial Average rose 0.38% on October 12, 2026, while the S&P 500 and Nasdaq both declined as investors rotated out of technology and into value sectors.

Memory chip and broader semiconductor names took the brunt of the pressure, with valuation concerns driving the selling. That weighed on the Nasdaq and tied the day's tech weakness to the chip complex rather than the whole sector. SNDK, MRVL, LITE and SMTC sit in the semiconductor and hardware group exposed to that theme, though the day's reported pressure was framed around memory and chips as a category.

Not all tech sold off. META gained after launching a new AI model, a stock-specific catalyst that bucked the rotation. FIGS surged more than 12%, the day's standout single-name move.

Interpretation: the split tape, with the Dow higher and the Nasdaq lower, reads as a valuation-driven rotation rather than a broad risk-off move. Strength in META and FIGS suggests buyers were still paying for company-specific news while repricing chip multiples.

CRM was named in the day's coverage context, but no move was reported for it.