Coinbase Falls 2.72% as Nasdaq Composite Gains 1.11% on Chip Rebound

Coinbase and three other crypto-linked stocks fell Monday as the Nasdaq Composite gained 1.11% in a chip-led rebound.

At the 4 p.m. ET (20:00 UTC) close on Oct. 19, Coinbase was down 2.72%. Strategy declined 0.59%, BitMine lost 0.42% and Circle slipped 1.03%.

The S&P 500 rose 0.41%, while the Dow Jones Industrial Average edged down 0.07%. The mixed index results followed a week in which the Nasdaq fell 4.5% and the S&P 500 lost nearly 2%.

Chip and memory shares helped lift the Nasdaq. Nvidia gained 1.38%, Advanced Micro Devices rose 1.76% and Micron Technology climbed 2.97%. Western Digital, a storage company, advanced 6.09%.

At the close, Intel was up about 2.4%.

Other technology stocks were mixed. Amazon gained about 5% after Morgan Stanley raised its price target from $335 to $350 and named it a top pick. CoreWeave slipped about 0.4% despite an upgrade to buy from Goldman Sachs.

The VIX fell 7.75% to 18.44 during the session. November West Texas Intermediate crude futures rose 2.22% to $103.66 a barrel.

Investors next face third-quarter earnings from Tesla and Meta. Both companies are scheduled to report after the market closes Wednesday, Oct. 21.