MarketsMarket wrap
Stocks Rebound Amid Tech Weakness
S&P 500 and Dow Jones regain ground while Nasdaq struggles with tech sector pressures.
The S&P 500 closed at 7,411.98, up 0.05%, as investors capitalized on dip-buying opportunities in large-cap stocks. The Dow Jones Industrial Average also saw a 0.46% increase, nearing record highs due to a shift toward value and cyclical stocks.
However, the Nasdaq Composite struggled, falling 0.64% to 24,975.824, reflecting ongoing tech sector challenges. Concerns over the faltering AI boom contributed to the tech-heavy index's performance.
Sector divergence was evident, with Basic Materials and Real Estate gaining over 1%, while Technology lagged, down 1.46%.
WTI crude oil eased near $75/bbl amid Iran-U.S. ceasefire prospects, while the U.S. dollar hovered near its 2026 high.
More from the Markets desk
S&P 500 rebounds
The S&P 500 index gained 0.05% in the latest session, offsetting previous losses with renewed interest in large-cap stocks, especially in value sectors.
Nasdaq under pressure
The Nasdaq Composite fell by 0.64%, pressured by tech sector weaknesses as the AI boom shows signs of faltering. Investors remain cautious amid these headwinds.
Dow nears highs
The Dow Jones Industrial Average rose 0.46%, benefitting from a rotation into value and cyclicals. The index approaches historical highs amid broader market optimism.
Basic Materials lead
The Basic Materials sector gained 1.28%, outperforming other sectors due to increased demand and favorable market conditions in the commodity space.
Tech sector lags
Technology stocks lagged, with the sector down 1.46%. Concerns over the sustainability of the AI boom contributed to the sector's underperformance.
Crude oil eases
WTI crude oil prices eased near $75/bbl, influenced by de-escalation in Middle East tensions and positive developments in U.S.-Iran negotiations.
Dollar remains strong
The U.S. dollar remains strong, trading near its 2026 high, supported by higher yields and safe-haven flows amid geopolitical tensions.
Gold benefits as hedge
Gold remains a preferred hedge, benefiting from lingering geopolitical risk and inflation concerns, providing stability in uncertain markets.
By the numbers
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