Nasdaq slips, Dow edges up
- U.S. stocks traded mixed on April 29 as the Dow rose while the Nasdaq fell again, with investors dumping chip names and buying financials. - Tuesday’s selloff left the Nasdaq at 24,663.80 and the S&P 500 at 7,138.80, while West Texas Intermediate crude settled near $100. - The pullback followed record closes last week and another oil jump tied to Iran headlines. (cnbc.com)
U.S. stocks split again on Wednesday, with the Dow higher and the Nasdaq lower as traders sold technology shares and rotated into older-economy names. (cnbc.com) Tuesday set the tone. The S&P 500 fell 0.49% to 7,138.80, the Nasdaq Composite dropped 0.9% to 24,663.80, and the Dow Jones Industrial Average slipped 25.86 points to 49,141.93. (cnbc.com) Chip stocks led that retreat after a Wall Street Journal report said OpenAI’s revenue and new-user growth had come in below its own targets. Nvidia fell more than 1%, Broadcom more than 4%, Advanced Micro Devices more than 3%, and the VanEck Semiconductor exchange-traded fund slid about 3%. (cnbc.com) (zacks.com) At the same time, money moved into parts of the market that had lagged the artificial-intelligence trade. On Tuesday, the Financial Select Sector SPDR Fund rose 0.8%, while the Consumer Staples Select Sector SPDR Fund fell 1.1%. (zacks.com) Oil stayed at the center of the move. West Texas Intermediate crude jumped more than 3% on Tuesday to settle at $99.93 a barrel, while Brent crude rose 2.8% to $111.26 as U.S.-Iran diplomacy appeared to stall. (cnbc.com) That shift came only days after the market had been celebrating fresh highs. On April 24, the S&P 500 closed at a record 7,165.08 and the Nasdaq at a record 24,836.60, while the Dow lagged and finished lower. (cnbc.com) By Tuesday, traders were already describing the weakness as profit-taking ahead of a heavy earnings calendar for the biggest technology companies. CNBC cited Integrated Partners chief investment officer Stephen Kolano saying investors were acting cautiously before hearing from several Magnificent Seven companies. (cnbc.com) Breadth showed the selling was broader than a handful of megacaps. Decliners beat advancers on the New York Stock Exchange by 1.66 to 1, and declining issues led on Nasdaq by 1.76 to 1. (zacks.com) The result was a familiar 2026 pattern: the Dow and financial shares held up better while the Nasdaq absorbed the pressure from semiconductors, artificial-intelligence names and higher oil. (cnbc.com) (zacks.com)
