The S&P 500 fell Thursday as traders dumped chip stocks following an underwhelming report from Broadcom, while the Dow Jones Industrial
Average surged as investors appeared to rotate into other parts of the stock market.
The 30-stock index made back Thursday all it had lost on Wednesday, piling on 702.72 points, or 1.4%, to 51,389.79.
The much broader index dipped 2.45 points to 7,551.23.
The NASDAQ slipped 180.66 points to 26,673.32.
UnitedHealth led the Dow higher, rising 6%, while Walmart advanced 2%. If that gain holds, it would mark the Dow’s best daily performance since April 30.
Shares of Broadcom traded 14% lower after the chipmaker reported a fiscal second-quarter revenue miss. Cybersecurity stock CrowdStrike also fell 10% after giving lackluster second-quarter revenue guidance.
Semiconductor names, which led the latest leg higher in the market’s rally to record levels, fell broadly. Arm Holdings and Micron Technology were both down more than 6%, while Marvell Technology pulled back by 5%.
Prices for the 10-year Treasury gained ground, lowering yields to 4.47% from Wednesday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices fell $3.71 to $92.31 U.S. a barrel.
Gold prices charged ahead $47.20 to $4,514.10 U.S. an ounce.
