Dow Hits Record High as Nasdaq Slips 0.2% in Tech-to-Blue-Chip Rotation
Updated
Updated · CNBC · Jun 30
Dow Hits Record High as Nasdaq Slips 0.2% in Tech-to-Blue-Chip Rotation
3 articles · Updated · CNBC · Jun 30
Summary
The Dow Jones Industrial Average rose 168 points, or 0.3%, to a fresh intraday record, while the S&P 500 added 0.1% and the Nasdaq Composite fell about 0.2%.
Chipmaker selling drove the split: Micron dropped 9%, Sandisk fell 10%, and Nvidia and Broadcom also declined as investors took profits after semiconductor stocks gained more than 80% in the first half.
Blue-chip inflows reflected a continuing 'Great Rotation' out of tech, with strategist Jeff Kilburg calling the shift healthy market broadening in a bull market now in its fourth year.
First-half gains still remained strong across indexes, with the Dow up 8.9%, the S&P 500 up 9.6%, the Nasdaq up 12.8%, and the Russell 2000 nearly 22% for its best first half since 1991.
Some megacaps cushioned the Nasdaq, as Meta jumped nearly 10% after unveiling a cloud business plan, while investors also watched Fed Chair Kevin Warsh, who said prices remain too high.