The Dow hit an intraday record high, but technology stocks weighed on the S&P 500 and the Nasdaq on Monday ahead of the
In recent trading, the Dow Jones Industrial Average gained 121 points, or 0.3%, to 41,515. The blue-chip index had soared more than 300 points to set an intraday record of 41,733.97.Rate-sensitive chip stocks fell, with Nvidia, which led much of this year’s rally, down 2%, Broadcom dropping 2.2% and Qualcomm losing 1.5%, sending the Philadelphia SE Semiconductor index lower by 1.7%.Other growth stocks also took a hit. Amazon lost 0.70% and Tesla fell 1.7%. Apple slid 3.
“Influential investors have been talking about the need for a 50-basis-point cut and we’re seeing increased talk of recession risks. As a result, there’s betting that we will get something other than the 25-bps cut,” said Sam Stovall, chief investment strategist at CFRA Research.Among other movers, Intel climbed 2.7% after a report showed the chipmaker has officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the Department of Defense.
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