06.08.202613:35:39UTC+00Dow Holds Record High, Nasdaq Falls

US stocks were mixed on Thursday, as steady performance in traditional economic sectors contrasted with fresh volatility in AI-related names following the latest earnings reports. The S&P 500 was essentially unchanged for a second consecutive session, while the Dow edged higher to notch another record close.

Treasury yields held their recent decline, moving broadly in line with softer energy prices and signaling reduced concern that the Federal Reserve will raise interest rates again this year. This modest easing in the macro backdrop came alongside generally solid corporate results: Eli Lilly extended yesterday’s earnings-fueled rally, while Johnson & Johnson and Goldman Sachs each advanced about 1%.

By contrast, chipmakers sold off sharply, prolonging their recent volatility and dragging the Nasdaq 100 lower by nearly 1%. Western Digital tumbled 17% after issuing weak guidance, and SanDisk slid almost 10% as its results fell short of heightened expectations for memory manufacturers. SpaceX shares were down as much as 1% ahead of the expiration of a post-IPO lockup period that will free roughly $101 billion in stock for potential sale.