Nasdaq Hits Record High as Dow Plunges Amid Market Confusion

The Nasdaq Composite index reached an all-time intraday high on Tuesday, but the Dow Jones Industrial Average plummeted by 0.6%. The S&P 500, meanwhile, remained relatively flat with a 0.1% drop.

The Dow's decline was largely due to financial stocks, led by JPMorgan Chase's 3.5% drop, which accounted for 72 points of the index's loss. Travelers and Visa also contributed significantly to the Dow's downfall, falling 2.8% and 2.4%, respectively.

The Nasdaq's gain was driven by memory stocks, with Sandisk rising 6.5% and Micron Technology increasing 3.6%. The company behind Sandisk received a bullish analyst note, while investors in Micron are preparing for the company's Q4 earnings report next week.