The Nasdaq composite closed at a record high Tuesday, lifted by a rally in chip and AI-hardware stocks, while the Dow Jones Industrial Average slipped as financial shares sold off. Crude oil extended a multi-session slide, and futures pointed to a quiet open Wednesday.
Chip stocks push Nasdaq to a new peak
The Nasdaq composite rose 0.45%, topping its June 1 all-time peak to close at a record high. Chip and AI plays led the advance, with the VanEck Vectors Semiconductor ETF gaining 1.9%.
Two memory-chip names stood out. Sandisk jumped 6.8% to 1,887.04, clearing its short-term high. Micron Technology climbed 5% to 1,096.16, also moving above its short-term high. Biotechs and testing firms also had a bullish session, while software reversed lower after a strong Monday.
Dow Jones and financials lag
The Dow Jones Industrial Average fell 0.4% as Cisco Systems and financial stocks led losers. The Financial Select SPDR ETF slumped 2%, with Charles Schwab and JPMorgan Chase among wealth-management names that slid on renewed AI-disruption concerns.
Meanwhile, the small-cap Russell 2000 climbed 0.5%, though it closed off session highs and remained well below its 50-day line. The S&P 500 stayed essentially flat, close to its record highs.
Crude oil extends its slide
Crude oil kept falling as the expiring October U.S. contract dropped 1.2% to $94.59 a barrel. That extended a slide of 10.6% over five sessions. The 10-year Treasury yield was little changed at nearly 4.97% after dipping below 4.93% intraday.
Dow Jones futures were little changed early Wednesday, alongside S&P 500 futures and Nasdaq futures.
Source: Investor's Business Daily
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