The Dow Jones Industrial Average failed to recover from Wednesday’s Fed-driven selloff, ignoring gains in semiconductors and a 3% drop in crude oil.
The Dow Jones Industrial Average remained in negative territory Thursday, unable to capitalize on a surging semiconductor sector or a sharp decline in crude oil prices. The index briefly approached 51,900 in overnight trading but retreated to near 51,600, closing in the lower third of its daily range.
Semiconductor stocks led the market rally, with Intel jumping 10% after a White House announcement of a chip-design partnership with Apple, while Micron and Nvidia also posted gains. However, the price-weighted Dow, which excludes Intel and holds limited exposure to tech, missed most of the upside. Meanwhile, West Texas Intermediate crude fell 3% to around $74, and Brent dropped near $77, offering little support.
The session underscored lingering concerns over the Federal Reserve’s hawkish stance, as the index struggled to hold gains despite two apparent tailwinds. Market participants appeared cautious ahead of further Fed signals.