Nasdaq Hits Record High as Dow Falls 270 Points on Mixed Market Day
The Nasdaq Composite (^IXIC) rose 0.3% to set a fresh intraday high on Tuesday morning, while the Dow Jones Industrial Average (^DJI) fell 0.6%. The S&P 500 (^GSPC) essentially stayed flat with a 0.1% drop.
The Dow's decline was led by financial stocks, which took 286 points off the index. JPMorgan Chase (JPM) fell 3.5%, Travelers (TRV) dropped 2.8%, and Visa's (V) 2.4% dip accounted for significant losses.
Memory chips rose on Tuesday morning, led by a 6.5% gain for Sandisk (SNDK) and a 3.6% jump in Micron Technology (MU) prices. The rally was attributed to a bullish analyst note for Sandisk and anticipation of next week's Q4 2026 earnings report from Micron.
The market's quiet mood on Tuesday has been attributed to the upcoming meeting between Donald Trump and Xi Jinping, which may address market-moving topics such as AI policies, tariff rates, rare-earth metals trades, and the Iranian conflict.