Dow Jones hits a record high, while Nasdaq falls on weakness in semiconductor stocks

At local time 4 day, the New York stock market closed mixed under pressure from weak semiconductor stocks and the situation in the Middle East. Semiconductor stocks were broadly weak, while uncertainty related to the Middle East weighed on investor sentiment. Some funds moved into non-technology stocks.

The Dow Jones 30 Industrial Average ended the session 874.86 points higher at 51,561.93. The rise in the index reflected rotational buying into non-technology stocks. The Dow hit a record high on the day.

The Standard & Poor’s 500 Index ended trading 30.63 points higher at 7,584.31. Sector differentiation affected the performance of the individual indexes. The S&P appeared to be influenced by strength in non-technology stocks.

The Nasdaq index, led by technology stocks,23.018points lower26,830.958closed the session. Weakness in semiconductor-related stocks was a major factor behind the Nasdaq's decline. Weakness in technology stocks divided the overall indices between gains and losses.

Investors began reducing their holdings of semiconductor-related stocks after Broadcom's2quarterly revenue came in below market expectations. Holdings of stocks that had led the recent gains, including ARM and Micron, were reduced. By contrast, holdings of non-technology stocks such as UnitedHealth and JPMorgan Chase increased. Dennis Palmer, chief investment officer at Montis Financial, said that the AI issue remains positive but assessed that the rally was becoming exhausted after a sharp rise over the past two months, and also cited the deadlock in the Strait of Hormuz as a source of concern.