{"id":1018,"date":"2026-06-04T21:42:06","date_gmt":"2026-06-04T21:42:06","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=1018"},"modified":"2026-06-04T21:42:06","modified_gmt":"2026-06-04T21:42:06","slug":"dow-claims-record-closing-high-s-chip-selloff-weighs-on-nasdaq","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=1018","title":{"rendered":"Dow claims record closing high, S&#038;P 500 advances; chip selloff weighs on Nasdaq"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<li>Companies<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>NEW YORK, June 4 (Reuters) &#8211; Wall Street advanced on Thursday as progress toward \u200bending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that pulled the Nasdaq lower.<\/div>\n<div>The blue-chip Dow surged, \u200chitting a record closing high with a boost from healthcare (.SPXHC)<svg><\/svg><span>, opens new tab<\/span> and financial stocks (.SPSY)<svg><\/svg><span>, opens new tab<\/span>.<\/div>\n<div>The S&amp;P 500 posted more muted gains, while the Nasdaq ended nominally lower on the day.<\/div>\n<div>Chipmaker Broadcom (AVGO.O)<svg><\/svg><span>, opens new tab<\/span> missed revenue expectations, sending its shares tumbling 12.6% and casting a pall over the AI frenzy, which has sent chip stocks (.SOX)<svg><\/svg><span>, opens new tab<\/span> up over 92% so far this year.<\/div>\n<div>&#8220;About the only blemish on the market at this point is \u200bBroadcom, and I think investors are buying the dip,&#8221; said Paul Nolte, senior wealth adviser and market strategist at Murphy &amp; Sylvest in Elmhurst, Illinois. &#8220;I don&#8217;t \u200bthink investors have given up on chips yet, but what they&#8217;ve yet to come to grips with, &#8216;Is this real? Are these \u2060valuations legitimate?&#8217; I&#8217;m not sure yet that investors have really questioned that.&#8221;<\/div>\n<div>The U.S. House of Representatives passed a measure on Wednesday that would block President Donald Trump from continuing \u200bthe war on Iran.<\/div>\n<div>Additionally, a U.S.-mediated ceasefire agreement between Israel and Lebanon, an essential condition of an Iranian agreement to a peace deal, bolstered optimism of a near-term resolution to \u200bthe war. But the truce was rejected by the pro-Iran Hezbollah, which said it would not withdraw troops from Lebanon.<\/div>\n<div>A drop in front-month crude futures reflected hopes that tanker traffic through the crucial Strait of Hormuz could shortly resume.<\/div>\n<div>&#8220;How many deals have we had? It&#8217;s always right around the corner, a corner we&#8217;ve yet to reach,&#8221; Nolte added. &#8220;Things are moving, but are they moving at a \u200bpace that&#8217;s going to allow the world to get back to what passes for normal in a few weeks, a few months, or maybe sometime next year?&#8221;<\/div>\n<div>On \u200bthe economic front, initial jobless claims unexpectedly rose 6.1%, and first-quarter labor costs and productivity were revised sharply lower. A report from Challenger, Gray and Christmas showed layoffs announced by U.S. corporations \u200cjumped 11% \u2060in May to 97,006. Nearly 40% of those layoffs were attributed to AI.<\/div>\n<div>The Dow Jones Industrial Average (.DJI)<svg><\/svg><span>, opens new tab<\/span> rose 874.86 points, or 1.73%, to 51,561.93, the S&amp;P 500 (.SPX)<svg><\/svg><span>, opens new tab<\/span> gained 30.63 points, or 0.41%, to 7,584.31 and the Nasdaq Composite (.IXIC)<svg><\/svg><span>, opens new tab<\/span> lost 23.02 points, or 0.09%, to 26,830.96.<\/div>\n<div>Among the 11 major sectors of the S&amp;P 500, healthcare and financial stocks boasted the biggest percentage gains, while technology shares (.SPLRCT)<svg><\/svg><span>, opens new tab<\/span> were the biggest laggards.<\/div>\n<div>Chipmaker Marvell Technology (MRVL.O)<svg><\/svg><span>, opens new tab<\/span> gained 4.9%, while Advanced Micro Devices (AMD.O)<svg><\/svg><span>, opens new tab<\/span>, Micron Technology (MU.O)<svg><\/svg><span>, opens new tab<\/span> and Qualcomm (QCOM.O)<svg><\/svg><span>, opens new tab<\/span> fell between 2.6% and 7.7%.<\/div>\n<div>The \u200bhealthcare sector got a boost from UnitedHealth (UNH.N)<svg><\/svg><span>, opens new tab<\/span>, \u200bwhich jumped 5.2% after Bank of \u2060America raised its rating on the healthcare conglomerate&#8217;s shares to &#8220;buy.&#8221;<\/div>\n<div>The financial index&#8217;s rebound followed a sharp selloff in the previous session due to revived concerns over private credit.<\/div>\n<div>Blackstone (BX.N)<svg><\/svg><span>, opens new tab<\/span> became the latest asset manager to cap withdrawals from its flagship private credit fund following a \u200brise in redemption requests. Its shares rose 7.5%.<\/div>\n<div>Cybersecurity firm CrowdStrike (CRWD.O)<svg><\/svg><span>, opens new tab<\/span> slumped 3.8% after reporting an increase in quarterly operating expenses.<\/div>\n<div>An investor roadshow \u200bfor Elon Musk-led SpaceX (SPCX.O)<svg><\/svg><span>, opens new tab<\/span> \u2060began on Thursday ahead of its market debut on June 12. It aims to raise $75 billion in a record IPO that would value it at $1.75 trillion.<\/div>\n<div>Advancing issues outnumbered decliners by a 2.19-to-1 ratio on the New York Stock Exchange. There were 308 new highs and 145 new lows on the NYSE.<\/div>\n<div>On the Nasdaq, 3,082 stocks rose and 1,681 fell as \u2060advancing issues \u200boutnumbered decliners by a 1.83-to-1 ratio.<\/div>\n<div>The S&amp;P 500 posted 24 new 52-week highs and 11 new lows, \u200bwhile the Nasdaq Composite recorded 100 new highs and 92 new lows.<\/div>\n<div>Volume on U.S. exchanges was 18.77 billion shares, compared with the 20.11 billion average for the full session over the last 20 trading days.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1016\">Trump heads into summer facing a rare run of resistance<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1014\">Trump says Pulte\u2019s role as acting intelligence director is temporary<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=1012\">Congo reports attack on Ebola burial team as cases rise<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street advanced on Thursday as progress toward \u200bending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that pulled the Nasdaq lower.<\/p>\n","protected":false},"author":1,"featured_media":1017,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[123,125,54],"class_list":["post-1018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-health-insurance","tag-healthcare-providers","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dow claims record closing high, S&amp;P 500 advances; 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