Dow Hits Record as Nasdaq Falls on Chip Selloff
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- Dow Jones jumped nearly 600 points to a record close, diverging sharply from the Nasdaq and S&P 500, which both fell as chip stocks extended their decline and Tesla sank.
- The Wall Street Journal headlined the session "The Rotation Trade Is Back," framing the session as a shift of capital away from tech-heavy semiconductors and toward Dow-represented sectors.
Why it matters: The Dow's record close alongside a falling Nasdaq and S&P 500 — driven by Tesla's drop and a continued semiconductor decline — marks a clear rotation away from the tech names that had led markets, with investors reallocating toward the industrials and value stocks in the Dow.
