Key facts
- Dow Jones Industrial Average hit a record closing high.
- S&P 500 reversed early losses to finish higher.
- Nasdaq Composite edged lower.
- Broadcom shares tumbled over 12% after disappointing results and AI chip sales forecast.
- UnitedHealth shares advanced 5.7% after a Bank of America upgrade.
- European bourses rose 0.52%.
Global stocks experienced choppy trading on Thursday, with European gains followed by a mixed session on Wall Street. The Dow Jones Industrial Average hit a record closing high, and the S&P 500 reversed early losses to finish higher, while the Nasdaq Composite edged lower. Technology shares drove losses, with Broadcom's shares tumbling over 12% after disappointing results and AI chip sales forecast, pulling semiconductor stocks broadly lower. The Philadelphia semiconductor index lost 2.2%. Healthcare and financial stocks led gains, with UnitedHealth advancing 5.7% after a Bank of America upgrade. European bourses rose 0.52%, and MSCI's gauge of stocks across the globe rose 0.09%. James St. Aubin, Chief Investment Officer at Ocean Park Asset Management, noted the weakness in chip stocks due to Broadcom's news and commented on the fragility of sentiment in tech after massive gains. In currency markets, the Japanese yen hovered near the 160 level against the dollar, with hints from the Bank of Japan Governor suggesting a potential interest rate hike this month. Brent crude prices dropped nearly 3% to settle at $95.03 a barrel, influenced by geopolitical headlines. U.S. Treasury yields were lower across the board, with the 10-year note falling 1.4 basis points to 4.477%. Spot gold rose 1.03% to $4,477.51 an ounce, and Bitcoin fell 2.53% to $63,265.22. Korean stocks are pulling back from record highs as Broadcom Inc.'s outlook for AI-chip sales fell short of elevated expectations, pausing a blistering advance in semiconductor shares.