New York, June 4, 2026, 11:01 (EDT)
Dow jumps over 700 points as health-care, financials climb, Nasdaq drops
The Dow Jones Industrial Average shot up more than 700 points on Thursday. Buyers moved into health-care and financial stocks. AI-related shares slid, pulling the Nasdaq down.
The Dow rose 748.66 points, or 1.48%, to 51,435.73 late morning in New York. The S&P 500 slipped 0.10% and the Nasdaq Composite was down 0.78%. Brent crude lost 2.93% to $94.94. The 10-year Treasury yield hovered near 4.456%. The Dow covers 30 major U.S. firms; the Nasdaq leans more on tech.
Trading was active and not on a holiday schedule. The New York Stock Exchange’s standard hours run from 9:30 a.m. to 4:00 p.m. Eastern. June 4 is not on the 2026 NYSE holiday calendar.
Market action is showing a split personality. AI stocks have pushed indexes up for a long stretch, but Thursday, tech names sold off even as buyers came in for defensives and financials.
Broadcom weighed on the sector. Shares slid roughly 15% after a quarterly revenue shortfall. The drop took the S&P 500 technology index down 2.2%, while the Philadelphia semiconductor index lost 4.4%; Marvell and Advanced Micro Devices both dropped about 5%. “This seems like profit-taking, stretched positioning and a reassessment of geopolitical risks,” said Daniela Hathorn, senior market analyst at Capital.com. Reuters
Markets saw some relief as Brent crude fell and most stocks edged up, AP said. The Dow added 720 points at 10:15 a.m. Eastern, but the S&P 500 slipped and the Nasdaq was still in the red. Oil is in focus since high prices can push up inflation and squeeze margins. Traders are also watching the Federal Reserve’s next steps.
Broadcom pushed the AI message again. CEO Hock Tan told investors, “Q2 semiconductor revenue from AI of $10.8 billion grew 143% year-over-year,” adding that he sees third-quarter AI chip revenue up over 200% to $16.0 billion. Investors wanted more. Shares slipped Thursday. Broadcom Inc.
Software and cybersecurity names traded lower. Shares of CrowdStrike slid. The company posted a 15% jump in first-quarter operating expenses, with more spending on AI and new products. Revenue topped the average analyst estimate. CrowdStrike also said it will split its stock four-for-one.
Traders didn’t get a clear read from the macro numbers. Initial jobless claims came in at 225,000 for the week ended May 30, up by 13,000 from the prior week and higher than the 213,000 forecast from a Reuters poll. The four-week average, though, was still at a low 214,750. For May, economists see the payrolls report on Friday showing 85,000 jobs added, with unemployment holding at 4.3%.
ISM Services PMI ticked up to 54.5 in May from 53.6, giving another mixed signal. Readings over 50 mean the sector is expanding. Steve Miller, who chairs the ISM services survey committee, said prices climbed to the highest since August 2022. “Petroleum-related products were mentioned” as some of the items costs are up for, Miller said. ISM World
But there’s not a lot of margin. A jump in oil on another Iran scare, or a hot jobs report Friday that stirs fresh rate hike fears, could stall the Dow’s rotation and drag chip stocks lower. Bill Northey, senior investment director at U.S. Bank Wealth Management, said Wednesday it all hinges on “duration of the closure of the Strait of Hormuz,” noting that if disruption drags on, Fed cuts look less likely. Reuters
Cautious tone in markets so far. Money is leaving overbought AI stocks and shifting to health care, financials, and other names tied to the Dow. Next up is the jobs data test.
