The major US stock indices are mixed with the Dow Industrial Average higher. The S&P is marginally lower, while the NASDAQ index is the biggest decliner.
A snapshot of the market currently shows:
- Dow industrial average is up 95 points or 0.21% at 45006.
- S&P index is down -6.5 points or -0.10% at 6442.70
- NASDAQ index is trading down -83 points or -0.39% at 21546.55
The small-cap Russell 2000 is near unchanged at 2294.62.
Chip stocks are under pressure:
- Broadcom -1.67%
- Nvidia -0.54%
- AMD -3.26%
Shares of Intel are bucking the trend with a gain of 8.33% at $25.64. Despite a dilution via a sale of $2B of fresh equity to SoftBank announced overnight, the market is cheering on the recent news that the government is putting faith (and perhaps providing a free put) by converting Chip Act money into an equity position.
Intel is trading at the highest level since March 18. The high price for the year was at $27.55 reached on February 18.
There is a rotation out of other big cap names including:
- Amazon -1.26%,
- Meta, -1.0%,
- Microsoft -0.80%,
- Google -1.16%,
