The Dow Jones Industrial Average rallied to a fresh record high on Thursday, while the NASDAQ Composite underperformed as investors appeared to rotate out of chip names in favor of non-tech stocks.
The 30-stock index popped 875.05 points, or 1.7%, to 51,562.12.
The S&P 500 climbed 30.64 points to 7,584.32.
The tech-heavy NASDAQ shed 23.02 points to 26,830.96.
UnitedHealth led the Dow higher, rising more than 5%. JPMorgan Chase and Walmart added to the benchmark’s advance, climbing 4% and 1%, respectively.
Non-tech names outside of the Dow such as Costco and Eli Lilly gained more than 1% and more than 5%, respectively.
The rotation was sparked by a selloff in Broadcom that led investors to pare exposure to stocks with ties to artificial intelligence. The chipmaker traded 14% lower after the it reported a fiscal second-quarter revenue miss.
Semiconductor names, which led the latest leg higher in the market’s rally to record levels, fell broadly. Arm Holdings shed more than 5%, as did Micron Technology
Prices for the 10-year Treasury sank sharply, raising yields to 4.78% from Wednesday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices fell $2.89 to $93.13 U.S. a barrel.
Gold prices brightened $40.10 to $4,506.90 U.S. an ounce.
