Nasdaq Sinks, Dow Rises to Record High

2026-07-02 16:58 By Andre Joaquim 1 min. read

Different sectors of the US stock market diverged on Thursday as fresh selling for the heavyweight tech sector weighed against support from short-dated rates.

The S&P 500 dropped 0.4% and the Nasdaq 100 slipped more than 2%.

Stocks in the AI trade tanked as markets continued to gauge for signs that the sector is overbought.

The latest catalysts included reports that OpenAI started discussions about selling a 5% stake to the US government.

Also, Meta (-5%) announced it may start selling excess compute capacity, a sign that its capital expenditures were overdone.

Micron lost 7%, Marvell and Applied Materials dropped 10%, and Sandisk sank 13%.

Tesla fell 8% despite a strong deliveries report.

Still, the Dow rose 300 points to another record high amid strength on traditional sectors.

Yields pulled back on a soft jobs report, pushing back expectations of a Fed hike.

Apple gained 5%, while Visa and Walmart rose over 2%.



News Stream
Nasdaq Sinks, Dow Rises to Record High
Different sectors of the US stock market diverged on Thursday as fresh selling for the heavyweight tech sector weighed against support from short-dated rates. The S&P 500 dropped 0.4% and the Nasdaq 100 slipped more than 2%. Stocks in the AI trade tanked as markets continued to gauge for signs that the sector is overbought. The latest catalysts included reports that OpenAI started discussions about selling a 5% stake to the US government. Also, Meta (-5%) announced it may start selling excess compute capacity, a sign that its capital expenditures were overdone. Micron lost 7%, Marvell and Applied Materials dropped 10%, and Sandisk sank 13%. Tesla fell 8% despite a strong deliveries report. Still, the Dow rose 300 points to another record high amid strength on traditional sectors. Yields pulled back on a soft jobs report, pushing back expectations of a Fed hike. Apple gained 5%, while Visa and Walmart rose over 2%.
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Dow Extends Record High After NFP
US equity indices rose on Thursday as weaker-than-expected jobs data pushed back expectations that the Federal Reserve may tighten monetary policy. The S&P 500 gained 0.5% the flatline and the Dow rose above 52,500 for the first time on record. The US economy added a net 57K jobs in June, around half of what was expected, to halt the momentum of strong payroll gains. The result tempered the leeway the Fed could have to combat rising inflation this year, supporting the case for no more rate hikes and aiding credit-sensitive equities. Traditional sectors of the economy remained strong, with Visa and Eli Lilly hovering near records. In turn, AI hyperscalers held yesterday's rebound, with Oracle and Microsoft trading higher. In turn, the Nasdaq 100 hovered near the flatline on further weakness from chip producers, with Micron and Sandisk holding recent losses. Lastly, Meta was 2% down after its announcement that it will sell excess compute capacity triggered a rally last session.
2026-07-02