U.S. stock futures slip, South Korea's Kospi plunges 10%: Live updates - CNBC
The Dow Jones Industrial Average rose due to strong corporate earnings, while the Nasdaq declined as investors rotated out of semiconductor stocks. Falling oil prices provided market support amid ongoing geopolitical discussions regarding the Strait of Hormuz.
Why it matters
This shift reflects a broader market rotation from high-growth tech stocks into cyclical sectors, signaling changing investor sentiment regarding interest rates and economic stability.
The Dow Jones Industrial Average rallied on Tuesday, buoyed by strong earnings, falling oil prices and a rotation out of semiconductors into other parts of the market.
The Dow climbed 537.24 points, or 1.03%, to 52,747.32. The blue-chip index posted a third straight winning day. Sherwin-Williams rose 8% on the back of better-than-expected results for Q2 to lead the benchmark higher. Beverage giant Coca-Cola popped 5% on a top- and bottom-line beat, plus a hike to its full-year outlook . The S&P 500 added 0.21% to end at 7,428.78.
The Nasdaq Composite edged down 0.22% and closed at 24,876.91. Chips lagged, with the VanEck Semiconductor ETF (SMH) off more than 3% and tumbling for a fourth straight day. as Micron and AMD fell more than 8%.
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