The Dow closed at an all-time high while tech shares retreated after disappointing earnings from key chipmakers weighed on sentiment.
The Dow Jones Industrial Average reached a new closing high on Thursday, holding gains into Friday’s session. The index rose 0.3% for the week, supported by strong performances in industrial and financial sectors.
The Nasdaq Composite fell 1.8% over the same period, pressured by declines in chip stocks following earnings reports from Broadcom and Ciena. Both companies’ results missed expectations, cooling investor enthusiasm for AI-related equities. Nvidia shares also dropped amid regulatory scrutiny over potential backdoor sales of AI chips to China.
Hewlett Packard Enterprise surged 12% after beating earnings estimates and raising guidance. Cybersecurity stocks, including Palo Alto Networks and CrowdStrike, showed mixed performance as the sector faced volatility ahead of broader market shifts.