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Dow claims record closing high, S&P 500 advances; chip selloff weighs on Nasdaq | Reuters

SUMMARY
Indexes: Dow up 1.73%, S&P 500 up 0.41%, Nasdaq off 0.09%
U.S. chipmakers dip after Broadcom's quarterly results
CrowdStrike slumps on rise in quarterly operating expenses
Weekly jobless claims increase more than expected; AI-related layoffs on the rise

NEW YORK, June 4 (Reuters) - Wall Street advanced on Thursday as progress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that pulled the Nasdaq lower.

The blue-chip Dow surged, ‌hitting a record closing high with a boost from healthcare (.SPXHC), opens new tab and financial stocks (.SPSY), opens new tab.

Chipmaker Broadcom (AVGO.O), opens new tab missed revenue expectations, sending its shares tumbling 12.6% and casting a pall over the AI frenzy, which has sent chip stocks (.SOX), opens new tab up over 92% so far this year.

The U.S. House of Representatives passed a measure on Wednesday that would block President Donald Trump from continuing the war on Iran.

Additionally, a U.S.-mediated ceasefire agreement between Israel and Lebanon, an essential condition of an Iranian agreement to a peace deal, bolstered optimism of a near-term resolution to the war. But the truce was rejected by the pro-Iran Hezbollah, which said it would not withdraw troops from Lebanon.

A drop in front-month crude futures reflected hopes that tanker traffic through the crucial Strait of Hormuz could shortly resume.

On the economic front, initial jobless claims unexpectedly rose 6.1%, and first-quarter labor costs and productivity were revised sharply lower. A report from Challenger, Gray and Christmas showed layoffs announced by U.S. corporations ‌jumped 11% ⁠in May to 97,006. Nearly 40% of those layoffs were attributed to AI...

Among the 11 major sectors of the S&P 500, healthcare and financial stocks boasted the biggest percentage gains, while technology shares (.SPLRCT), opens new tab were the biggest laggards...

Chipmaker Marvell Technology (MRVL.O), opens new tab gained 4.9%, while Advanced Micro Devices (AMD.O), opens new tab, Micron Technology (MU.O), opens new tab and Qualcomm (QCOM.O), opens new tab fell between 2.6% and 7.7%.

The healthcare sector got a boost from UnitedHealth (UNH.N), opens new tab, which jumped 5.2% after Bank of ⁠America raised its rating on the healthcare conglomerate's shares to "buy."

The financial index's rebound followed a sharp selloff in the previous session due to revived concerns over private credit.

Blackstone (BX.N), opens new tab became the latest asset manager to cap withdrawals from its flagship private credit fund following a rise in redemption requests. Its shares rose 7.5%.
Cybersecurity firm CrowdStrike (CRWD.O), opens new tab slumped 3.8% after reporting an increase in quarterly operating expenses...

https://www.reuters.com/business/nasdaq-futures-lead-declines-after-broadcom-drop-2026-06-04/

Dow claims record closing high, S&P 500 advances; chip selloff weighs on Nasdaq
https://www.straitstimes.com/business/companies-markets/dow-claims-record-closing-high-sp-500-advances-chip-selloff-weighs-on-nasdaq

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