Dow Hits Record Peak as Investors Pivot Out of Tech

The Dow Jones Industrial Average surged to an all-time high on Thursday, fueled by a sharp rotation into healthcare and financial stocks. While the broader market found stability, the Nasdaq stumbled as Broadcom’s stagnant AI revenue projections triggered a 14% sell-off, pulling semiconductor shares into the red.

UnitedHealth led the defensive charge with a 5.7% climb following a bullish upgrade from Bank of America, helping the healthcare sector gain 3.1%. Simultaneously, the financial index recovered from recent losses to finish up 1.8%, even as lingering anxiety over private credit markets persists among institutional traders.

Broadcom’s decision to maintain its $100 billion annual sales forecast failed to satisfy high-growth expectations, marking a painful day for the chip sector. CrowdStrike shares also retreated 8.5%, reflecting a broader cooling of sentiment toward high-valuation software providers. Markets now brace for critical employment data and a 75% probability of a Federal Reserve rate hike, while geopolitical friction between the U.S. and Iran adds further volatility. Amid this turbulence, SpaceX is preparing for a landmark $75 billion IPO, a move set to reshape the landscape of America's largest publicly traded companies.