The Dow Jones climbed to a fresh record high on Wednesday and software stocks surged, but a punishing semiconductor selloff dragged the Nasdaq 100 lower, leaving Wall Street sharply split down the middle as the AI trade fractured.
The S&P 500 gained 0.3% near 7,518, while the Dow Jones Industrial Average advanced about 332 points, or 0.6%, to a record above 52,700.
West Texas Intermediate crude fell 2.0% to $68.12 a barrel, while Brent slid 2.5% to $71.12, with both benchmarks now falling below levels prior to the start of the war in Iran.
Treasury Yields Ease After Hawkish Stretch
The 10-year yield inched lower to 4.47% after testing 4.5% earlier in the session. The 2-year yield slipped about 3 basis points to 4.16%.
The moves followed remarks from Federal Reserve Chair Kevin Warsh, who said at the ECB’s Sintra forum that inflation risks have eased in recent weeks while stressing the Fed remains committed to its 2% target.
The softer tone aligned with the ISM manufacturing prices-paid gauge, which tumbled to 73.0 from 82.1, and a cooler-than-expected ISM Manufacturing PMI of 53.3. ADP data showed the private sector added just 98,000 jobs in June, below the 113,000 forecast.
Rate traders still hold a loose consensus for one hike by December.
Wednesday’s Performance In Major US Indices
According to the Benzinga Pro platform:
Software Feasts While Silicon Starves
The session laid bare a violent rotation inside technology.
The split was even starker at the industry level.
Biggest Losers Swept Up In Chip Carnage
In consumer names, Nike Inc. (NYSE:NKE) fell about 3% after flagging a cautious outlook tied to consumer anxiety.
Wednesday’s Russell 1000 Top Gainers
Wednesday’s Russell 1000 Top Losers
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