Spotify jumps 10.5% at the open while chip-gear stocks slide
As seen on the 24/7 Wall St. homepage on October 22, 2026.
Spotify opened up 10.5% to lead a 389-name board, with Lockheed Martin close behind at 9.3%. The pain is concentrated in chip gear and optics, where Lam Research gave up 10.2% at the bell.
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Spotify led the board at the open on October 22, climbing 10.46% to $580.29, with Lockheed Martin close behind as defense became the second-strongest pocket of the market.
Gains spread across very different sectors, with CSX, P&G, and Cloudflare all higher, so the morning's buying was not concentrated in a single theme on the upside.
Lam Research gave up 10.2% to $234.14 at the open, with Nokia, Teradyne, Applied Optoelectronics, and Coherent also lower, concentrating the pain in semiconductor equipment and optical components.
With two of the five biggest losers in chip gear and two more in optics, investors are rotating out of that corner of the market at least for this session, and the roughly 10% gap between the top gainer and the steepest loser shows how decisive the split was.