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Investors ditched technology stocks in favor of the so-called “old economy” on Thursday as Broadcom Inc.’s earnings report pumped the brakes on the artificial-intelligence rally.
The Nasdaq 100 Index closed 0.5% lower in New York, paring an earlier drop of as much as 1.6% but extending declines for a second-straight session. The S&P 500 Index was 0.4% higher, with the benchmark on track for its 10th weekly advance in a row. Meanwhile, the Dow Jones Industrial Average — which is mostly composed of well-known, traditional stocks like JPMorgan Chase & Co. and Coca-Cola Co. — closed at a fresh all-time high.
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