Key facts
- The Nasdaq Composite fell on Thursday.
- Declines in major technology stocks weighed on the Nasdaq.
- Micron and Qualcomm provided positive outlooks on AI demand.
- Concerns about hyperscaler spending and potential interest rate hikes impacted the tech sector.
- The S&P 500 and Dow Jones Industrial Average closed higher.
The Nasdaq Composite experienced a decline on Thursday, primarily influenced by losses in major technology companies. This downturn offset positive outlooks from chip manufacturers like Micron and Qualcomm regarding artificial intelligence demand. Concerns surrounding hyperscaler spending and the prospect of higher interest rates contributed to the technology sector's reversal from earlier gains.
Despite the weakness in tech, the S&P 500 and the Dow Jones Industrial Average managed to close higher, indicating a rotation into other market sectors. The market sentiment was shaped by a combination of sector-specific headwinds for tech giants and broader economic considerations.