Stock Market Today, October 12, 2026: Bull Celebrates 4th Birthday As Dow Gains, Nasdaq Slips and Crude Oil Rises Ahead of Inflation Data -( $ASTS $CRM $DOCS $GS $EPRX $IONQ $JMP $META $MODD $MS $MU $NVDA $SER $SOCS $SPCX )

U.S. stocks delivered mixed results Monday, October 12, 2026, as the Dow Jones Industrial Average gained 195.60 points while the S&P 500, Nasdaq Composite and Russell 2000 declined. The Dow finished at 51,850.55, up 0.38%, while the Nasdaq fell 0.44% to 27,245.90. The S&P 500 edged down 0.06% to 7,807.24, according to the supplied market-performance snapshot. Crude oil added another complication to the inflation outlook. November West Texas Intermediate crude futures (CL=F) traded at $93.22 per barrel, up $1.37, or 1.49%, in the supplied delayed quote recorded at 4:53:23 p.m. EDT. Many were preparing for major bank earnings and September inflation reports while assessing fresh developments in artificial intelligence, cybersecurity and communications infrastructure. Meta Platforms (NASDAQ: META), IonQ (NYSE: IONQ) and SpaceX (SPCX) were among the companies drawing attention.

Market Performance: October 12, 2026

The Dow’s advance contrasted with weakness in technology-heavy shares and small caps. The Russell 2000 declined 0.45%, slightly more than the Nasdaq, while the VIX increased 2.49%. Gold fell even as crude oil rose, highlighting the different forces influencing equities, volatility and commodities.

Macroeconomic Commentary: Rising Oil Complicates the Inflation Picture

Inflation remained a central concern heading into the week’s economic releases. CNBC reported that economists surveyed through FactSet expected September’s consumer price index to increase 3.6% year over year, compared with August’s 3.4% rise. Core CPI, which excludes food and energy, was expected to increase 2.4% year over year. Those figures are forecasts, not released September results. Prediction-market pricing also suggested that inflation could remain persistent. According to CNBC’s reporting on Kalshi contracts, traders assigned less than a one-in-three probability to inflation reaching a new 2026 high and only a 6% probability that annual core inflation would fall below 2.2% during the year. These probabilities reflect market expectations and can change; they are not official inflation measurements. Monday’s increase in crude oil reinforced the importance of energy prices to that discussion. CNBC reported that oil reversed earlier declines as many questioned the durability of an announced Russia–Ukraine energy ceasefire and assessed renewed Middle East risks. The supplied late-session quote subsequently showed November WTI crude at $93.22 per barrel, up 1.49%. The economic tension is that corporate earnings may remain supportive of equities even as energy-price pressure complicates disinflation. Wednesday’s CPI release and Thursday’s producer price index will give investors a clearer basis for assessing whether inflation is easing beneath volatile headline component.

The Bull Market Turns Four, but Participation Remains Uneven

Monday marked four years since the S&P 500’s October 12, 2022, closing low. CNBC reported that the benchmark had advanced nearly 120% from that trough, with artificial intelligence investment playing a major role in the rally. Nvidia (NASDAQ: NVDA) and Micron Technology (NASDAQ: MU) illustrate the market’s growing emphasis on computing and memory infrastructure. However, strength in the benchmark has not meant equally strong performance across its constituents. CNBC reported that roughly 75% of S&P 500 stocks finished September lower even as the index remained near record territory. Technology represented approximately 40% of the benchmark, increasing the influence of its largest companies. Monday’s split between a rising Dow and declining Nasdaq and Russell 2000 provided another example of uneven market participation. A single session does not establish a durable trend, but it underscores why many should distinguish headline index performance from the performance of the broader equity market.

Bank Earnings: Goldman Sachs and Morgan Stanley Face Higher Expectations

Financial-sector earnings will provide an early test of third-quarter optimism. Goldman Sachs (NYSE: GS) is scheduled to report Tuesday, followed by Morgan Stanley (NYSE: MS) on Wednesday. JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) are also among the major banks reporting this week. CNBC’s analysis of FactSet data showed substantial upward revisions to profit expectations for Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS). Consensus third-quarter earnings estimates stood at $13.07 per share for Goldman Sachs (NYSE: GS) and $2.94 per share for Morgan Stanley (NYSE: MS). Higher expectations create a more demanding hurdle. Many will assess not only reported profits but also the durability of trading, investment-banking and wealth-management activity. CNBC highlighted merger-and-acquisition activity and the effects of rising bond yields as issues to monitor at Morgan Stanley (NYSE: MS).

Meta’s Muse Wonder Launch Puts AI Revenue in Focus

Meta Platforms (NASDAQ: META) introduced Muse Wonder and Muse Wonder Full, describing them as its most capable AI models to date. The company said Muse Wonder was available through the Meta Model API and Muse Code, while Muse Wonder Full was available to Muse Code subscribers. Muse Wonder would also begin powering the company’s Muse personal-agent experience through an initial subscriber rollout. CNBC reported monthly Muse subscription options of $20 and $100, alongside Muse Code plans priced at $50 and $200. The pricing makes commercial adoption a direct part of the launch: investors can assess whether improved AI capabilities translate into sustained demand for paid services. For Meta Platforms (NASDAQ: META), the announcement connects technical development with monetization. The availability of subscription products offers a more concrete business proposition than model capabilities alone, although a product launch does not establish future revenue or profitability.

IonQ Announces Elisity Acquisition Worth Up to $1.3 Billion

IonQ (NYSE: IONQ) announced a definitive agreement to acquire privately held Elisity in an all-stock transaction valued at up to $1.3 billion. The maximum value includes up to $150 million in performance-based earnouts. The companies expect the transaction to close in the fourth quarter of 2026, subject to customary conditions and regulatory approval. The proposed combination brings IonQ’s (NYSE: IONQ) post-quantum cryptography and quantum key distribution capabilities together with Elisity’s enterprise Zero Trust security platform. IonQ (NYSE: IONQ) said the acquisition would expand its ability to address AI-driven security threats and emerging quantum risks. The deal broadens the company’s cybersecurity ambitions, while its all-stock structure and contingent consideration make execution and integration important considerations. The announced maximum transaction value should not be described as an entirely fixed $1.3 billion payment.

SpaceX Expansion Raises Wireless and Infrastructure Questions

Yahoo Finance reported that SpaceX (SPCX) acquired a nationwide low-band spectrum portfolio, positioning its Starlink business to compete more directly with established wireless providers. AT&T (NYSE: T), T-Mobile US (NASDAQ: TMUS) and Verizon Communications (NYSE: VZ) declined Friday following the news. Those share-price moves occurred in the previous session, not Monday’s closing trading. The report also said SpaceX (SPCX) was seeking $40 billion in financing to purchase Nvidia (NASDAQ: NVDA) chips. That places infrastructure funding alongside the company’s growth ambitions as a significant issue for investors to monitor. Looking further ahead, Yahoo Finance identified the period surrounding June 12, 2027, as a potential catalyst because of the expiration of Elon Musk’s post-IPO selling restriction. The expiration of a restriction does not guarantee that a sale will occur.

Other Companies in Focus

• Salesforce (NYSE: CRM) received a double upgrade from Bank of America (NYSE: BAC), which raised its rating from underperform to buy and increased its price target to $285 from $160. The change reflected a more favorable assessment of AI’s role in enterprise software.
• Micron Technology (NASDAQ: MU) faced pressure during the session following reports of advances by Chinese memory-chip competitor ChangXin Memory Technologies, adding a competitive concern to the AI-infrastructure investment theme.
• AST SpaceMobile (NASDAQ: ASTS) gained during the session after Deutsche Bank (NYSE: DB) upgraded the shares to buy from hold while maintaining a $93 price target. The source reported an intraday move rather than a verified closing return.

What Many Are Watching Next

Bank earnings and inflation data will help determine whether improving fundamentals can meet the market’s elevated expectations. Financial-sector results will offer insight into dealmaking and financing conditions, while CPI and PPI will update the inflation picture. Oil’s late-session rise adds an energy-price variable to that assessment, although Monday’s move alone does not determine the longer-term inflation trend. AI-related announcements are also becoming more commercially specific. Meta Platforms (NASDAQ: META) is introducing paid tools, IonQ (NYSE: IONQ) is expanding enterprise-security capabilities, and SpaceX (SPCX) is pursuing capital-intensive infrastructure opportunities. Each presents a different test of how emerging technologies can translate into sustainable business results.

Here’s Your The VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $12.43.

AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.

Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.

The Company also reiterated recently its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.94) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $11.88, +2.15%) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.

HPP announced (Oct. 5) that its operating partnership, Hudson Pacific Properties, L.P. (the “Company”), has commenced an offer to purchase for cash (the “Tender Offer”) up to a combined aggregate principal amount of $200,000,000 (the “Aggregate Maximum Tender Offer Amount”) of the Company’s outstanding 3.950% Senior Notes due 2027 (the “2027 Notes”) and 5.950% Senior Notes due 2028 (the “2028 Notes” and together with the 2027 Notes, the “Notes” and each a “Series” of Notes) as shown in the linked story, subject to the Allocation Procedures, including the Proration Factor (each as defined below). The Company is offering to purchase $100,000,000 aggregate principal amount of each Series of Notes (the “Target Allocation”).

HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance, a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $7.32), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, has added a potentially important chapter to its eosinophilic esophagitis, or EoE, story: a single administration of its investigational localized therapy, EP-104GI, continued to show clinical-remission signals at 52 weeks in the highest-dose cohorts of the ongoing RESOLVE study. For a chronic disease in which swallowing can become a calculated exercise rather than an automatic human function, durability is more than a tidy line on a clinical slide. It is central to the value proposition. The latest data suggest Eupraxia’s localized, extended-release approach may be building toward a differentiated position in a market already led by a formidable incumbent: Sanofi S.A. (NASDAQ: SNY) and its biologic franchise, Dupixent. The clinical data remain early, open-label, and small in patient count, biotech investors should keep both feet on the ground, even when the data seem to float, but the one-year observations give EPRX a meaningful argument for continued investor attention ahead of interim randomized Phase 2b results expected in December 2026.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $2.68), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026 (8:30am PT / 11:30 am ET). You may watch the event video below now if you missed it below now.

MODD announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $2.75) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $2.56), a leading China-based beauty group, delivered the sort of quarter that can make a turnaround investor sit up straighter: reported revenue grew, its strategically important skincare operation accelerated sharply, and the company is increasingly built around clinical and premium brands rather than a pure color-cosmetics play. The results are not yet a victory lap, losses widened and third-quarter guidance is cautious, but YSG’s transformation is beginning to look less like a cosmetic touch-up and more like a genuine renovation.

YSG announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $30.58, +.26%) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

DOCS announced (Sept. 22) that it has been named a founding partner in the launch of a new Specialized Intelligence Index of leading AI benchmarks compiled by Fireworks, the AI training and inference platform. As part of the launch, Doximity is publishing a new open-source benchmark for measuring clinical-grade AI. Called Bedside Bench, the benchmark has been built to test AI’s ability to be a trusted partner to doctors where it matters most: at the bedside.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $3.73, +.27%). JPMorgan Chase (NYSE: JPM) initiated coverage of Sable Offshore (NYSE: SOC) with an Overweight rating and a $10 price target October 2. That target implies an approximately 178% gain from today’s prices that are in the $3.59 range. It is an attention-getting valuation gap, even by the standards of an industry accustomed to looking beneath the surface. The more substantive opportunity, however, lies offshore California. Sable is already generating revenue from its Santa Ynez Unit, while preparing to restart Platform Hondo and expand the infrastructure needed to move more oil to market. The bullish thesis is therefore more advanced than a bet on dormant assets: it is a wager for many that an operating business can overcome its remaining bottlenecks and convert additional barrels into stronger cash generation.

Nvidia (NVDA, $226.32, -1.29%)

NVIDIA Corp. (NASDAQ: NVDA). AM Intelligence (“AMI”), the AI infrastructure platform set up by Promoters of Greenko, announced (Oct. 5) two further firm and binding orders for 20,000 NVIDIA Rubin GPUs, to be deployed as NVIDIA Vera Rubin NVL72 rack-scale systems. Building on its first AI factory in Hyderabad, the expansion is designed to give cloud providers, enterprises and AI developers access to large-scale computing capacity closer to where they build and deploy AI.

NVDA recently has seemingly has given many a two-part bullish signal: a record-sized $150 billion increase to its share-repurchase authorization and a new AI-agent safety platform aimed at making autonomous software more secure for enterprise deployment. The combination suggests a company using extraordinary financial strength not merely to reward shareholders, but to expand its influence from AI computing into the governance, security and operating layer of the AI economy. The timing is notable. Markets are beginning the week with a cautiously constructive tone, even as investors brace for jobs, inflation and manufacturing data that could reset the outlook for interest rates. In that environment, NVIDIA is making a familiar but potent argument: its AI franchise is generating enough cash to finance innovation, deepen its ecosystem and return meaningful capital to shareholders, all at once. That is not an everyday corporate trick. It is closer to juggling bowling balls while also building the bowling alley.

The Sources

1. CNBC: Stock market today: Live updates, October 12, 2026
2. CNBC: The bull market turned 4 years old on Monday. Investors say reaching a fifth birthday could be challenging
3. CNBC: Inflation likely peaked for 2026 but will remain sticky, according to prediction markets
4. CNBC: Goldman Sachs, Morgan Stanley have earnings momentum and are reporting this week
5. CNBC: Meta debuts Muse Wonder AI model in latest test of users’ willingness to pay
6. Meta Platforms: Introducing Muse Wonder and Muse Wonder Full: Frontier Models
7. CNBC: IonQ to acquire cybersecurity firm Elisity in an all-stock deal for up to $1.3 billion
8. IonQ: IonQ to Acquire Elisity to Accelerate Zero Trust for the Quantum Era
9. Yahoo Finance: SpaceX stock poised for a catalyst-fueled 2027