Dow claims record closing high, S&P 500 advances; chip selloff weighs on Nasdaq

Dow claims record closing high, S&P 500 advances; chip selloff weighs on Nasdaq

By Stephen Culp and Medha Singh

Thu June 4, 2026  

The Dow zoomed up big time wiping out yesterday’s losses by a considerable margin, mainly due to strong advances in healthcare and financials. The S&P also did well but the Nasdaq got slammed by a disappointing Broadcom report that sent the whole chip index down and had investors asking about AI, “Is this real? Are these valuations legitimate?” The index fell some 300 at open but recovered most of it by close.  

There was optimism on the war-front with the House passing a resolution to end the war combined with progress in a cease-fire agreement between Lebanon and Israel, even though Hezbollah rejected the deal. There’s also optimism about the Strait of Hormuz but that being tempered with, as an expert said, “How many deals have we had? It’s always right around the corner, a corner we’ve yet to reach.” Then there was sad economic news with jobless claims unexpectedly rising and Q1 productivity revised sharply downward with corporate layoffs jumping a huge 11% in May, a big chunk of it due to AI.  Volume came in below the 20.1 average, closing at 18.77 billion. 

DJ: 50,687.07  -620.72         NAS: 26,853.98  -239.92        S&P: 7,553.68  -56.10           6/3

DJ: 51,561.93  +874.86        NAS: 26,830.96  -23.02          S&P: 7,584.31  +30.63         6/4

Thu 6-4-26 4:40 pm Dow claims record closing high, S&P 500 advances; chip selloff weighs on Nasdaq | Reuters