The Dow Jones Industrial Average powered to a fresh record high above 52,700 by midday Thursday after a sharply weaker-than-expected June jobs report pushed investors to unwind bets that the Federal Reserve would be forced to raise interest rates in the near term.
Yet the rally was far from broad: a brutal selloff in semiconductor stocks dragged tech-heavy indices down.
The S&P 500 hovered 0.3% lower at 7,466.91, weighed by its heavy technology component. The Nasdaq 100 was the session’s clear laggard, down 1.9% at 29,287 as chips buckled.
Among Magnificent Seven stocks, Tesla Inc. (NASDAQ:TSLA) tumbled 7.3% and Meta Platforms Inc. (NASDAQ:META) fell 4.6%, the latter giving back an earlier rally sparked by its plan to sell excess compute capacity.
The small-cap Russell 2000 slipped 0.7% to 2,993.
