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Informist, Thursday, Jul. 2, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: US mkt ends down, chip stocks drag Nasdaq; Dow hits record high

 

MUMBAI--0750 IST--Headline stock indices in the US closed slightly lower on Wednesday amid a fall in semiconductor stocks, which dragged down the Nasdaq. However, the fall in the index was limited, as some technology stocks gained. The Dow Jones Industrial Average hit a record high but pared gains to close flat. Caution prevailed among market participants as the US and Iran are far from reaching a lasting peace deal. Officials from both nations met in Doha for a round of indirect talks Wednesday. 

 

On Wednesday, the Nasdaq closed around 1% lower. Elevated valuations and huge spending on artificial intelligence by technology companies have been a concern for some market participants. Nvidia and Broadcom fell roughly 1% and 2%, respectively, in the session. Shares of Meta Platform rose 8.8?ter Bloomberg News reported that the company was building a cloud business to sell excess artificial intelligence computing capacity.

 

"The 'Great Rotation' trade persists into (the third quarter) as the blue boring names of the Dow Jones [Industrials] continue to attract inflows directly from recent profit taking money from tech stocks," Jeff Kilburg, founder and CEO of KKM Financial, told CNBC. "This is extremely healthy and underscores the broadening breadth of equities for this continued bull market in its fourth year."

 

Traders also tracked fresh economic data on manufacturing activity and comments by US Federal Reserve Chair Kevin Warsh earlier in the day at the European Central Bank conference in Portugal. While Warsh did not give any hints about the monetary policy decision at the upcoming meeting this month, he said "we've seen that prices are too high," CNBC reported. Meanwhile, data from the Institute for Supply Management showed manufacturing activity slowed in June but was still solid, Reuters reported. Traders will now track employment data slated to be released later in the day.

 

Following were the closing levels of major US indices on Wednesday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	52305.24	(-)0.03
NASDAQ Composite	26040.03	(-)0.66
S&P 500	7483.23	(-)0.22

 

(Gopika Balasubramanium)

 

US$1 = INR 95.25

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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