Dow Hits Record Close as Tech Stocks Slide After Broadcom Shock

Overview

• The Dow Jones reached a record closing level of roughly 51,561 on Thursday, driven by gains in high-priced nontech stocks such as UnitedHealth Group and Goldman Sachs.
• Broadcom reported quarterly results and kept full-year guidance, which caused its shares to plunge and pulled down semiconductor and AI-linked names across the Nasdaq and S&P 500.
• Markets briefly eased after Israel and Lebanon announced a ceasefire renewal, which pushed oil prices lower, but Hezbollah later rejected the agreement and geopolitical risk remained elevated.
• Investors noted a larger-than-expected rise in U.S. initial unemployment claims and are positioning ahead of the May nonfarm payrolls report, a data point closely watched for its potential to influence Federal Reserve policy.
• SpaceX filed for a very large IPO that could raise about $75 billion and value the company near $1.75 trillion, adding a major corporate-finance development to a day of uneven sector performance.