Stock Market Today, June 4: Dow Hits Record as Tech Stocks Falter
S&P 500 (SNPINDEX:^GSPC) up 0.41% to 7,584.31, Nasdaq Composite (NASDAQINDEX:^IXIC) down 0.09% to 26,830.96 on chip weakness, and Dow Jones Industrial Average (DJINDICES:^DJI) up 1.73% to a record 51,561.93 as value stocks led.
Market movers
Broadcom dropped 13% after underwhelming AI revenue guidance sparked a broad semiconductor sell-off, hitting names like Micron Technology and Sandisk. Alphabet broke its recent losing streak, climbing almost 4%.
CrowdStrike dipped despite solid earnings as investors hoped for more momentum from the cybersecurity firm. Robinhood Markets gained even as Bitcoin tumbled, perhaps due to the firm’s recent WonderFi acquisition and efforts to diversify away from crypto.
What this means for investors
The Dow took center stage today as a rotation into blue chips drove a record close. Financial and healthcare stocks rallied, with increases from Goldman Sachs Group, JPMorgan Chase, and Visa.
After tumbling yesterday, private credit stocks recovered today, despite news that Blackstone would restrict withdrawals on its flagship private credit fund. Private credit has been under the microscope this year amid fears that the sector has taken on too much risk, particularly in its exposure to software stocks.
Broadcom’s double-digit loss on weaker‑than‑hoped-for guidance triggered profit taking across AI stocks, pouring cold water on the recent rally. In addition, high inflation and below-average economic growth suggest further declines may be in store. It’s a good time to consider your risk exposure.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Emma Newbery has positions in CrowdStrike. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Bitcoin, Blackstone, Broadcom, CrowdStrike, Goldman Sachs Group, JPMorgan Chase, Micron Technology, Palantir Technologies, and Visa. The Motley Fool has a disclosure policy.
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