Wall Street rebounds after AI craze as Dow hits record and Broadcom tumbles

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Wall Street rebounds after AI craze as Dow hits record and Broadcom tumbles
Photo: Richard Drew /AP/TT

The tech-heavy Nasdaq Composite Index, which opened under pressure, recovered during the day and closed down 0.1 percent.

The Dow Jones Industrial Average, on the other hand, climbed 1.7 percent and hit a new record high, while the S&P 500 rose 0.4 percent.

Chip giant Broadcom traded lower, down 13 percent, after a report showed an unexpectedly weak revenue forecast in the AI segment. Concerns about a slowdown in the AI rally spread. Chip companies Micron and AMD fell 7.7 percent and 3.6 percent, respectively.

Other stock segments performed better, boosted by oil prices falling back during the day. A barrel of North Sea oil (Brent) now costs just over $95 a barrel.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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