Tech stocks led declines while the Dow Jones Industrial Average reached new highs before paring gains on Thursday.
The S&P 500 and Nasdaq Composite closed below their 50-day moving averages, driven by a broader technology sector pullback. The Dow Jones Industrial Average briefly hit a record high but retreated from its peak levels by session’s end.
Micron Technology (MU) surged after reporting stronger-than-expected earnings and guidance, boosting shares of Sandisk (SNDK) and other AI hardware suppliers. Apple (AAPL) declined following a price increase attributed to memory cost adjustments, weighing on sentiment.
The divergence highlighted sector rotation, with small-cap stocks represented by the Russell 2000 also posting gains earlier in the session before fading.