Tech Rout Wipes Out Wall Street Gains as Dow Climbs 0.41 Percent

Tech Rout Wipes Out Wall Street Gains as Dow Climbs 0.41 Percent

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The Nasdaq Composite slid 1.07% to close at 25,164.36, reversing a climb of as much as 1.4% earlier in the day. The S&P 500 surrendered an intraday advance of as much as 1.1% and ended 0.51% lower at 7,541.40. The Dow Jones Industrial Average bucked the trend, adding 213.67 points, or 0.41%, to settle at 51,983.98.

Two announcements linked to the buildout of artificial intelligence data centers triggered some of the steepest moves. Chipmaker Marvell Technology plunged nearly 13% after agreeing to acquire Lumentum, a supplier of optical components that transmit data, in a $115 billion deal. Lumentum shares tumbled 18%.

Oracle shed more than 8% after laying out plans to raise $20 billion to fund its AI infrastructure expansion, split evenly between common stock sales and bond issuance. Nvidia and Meta Platforms each lost roughly 1%, while Apple closed nearly 2% lower ahead of its quarterly earnings report.

Most US stocks still finished higher. Paint maker Sherwin-Williams jumped nearly 6% and home improvement retailer Home Depot rose 3.6%, both lifting the Dow. Honeywell International, 3M and Boeing each gained more t...