US stocks traded mixed on Friday, with the Nasdaq sliding but the Dow poised to bid for another record after a rotation from tech to value names propelled the index to a new all-time high.
The Nasdaq Composite (^IXIC) fell 0.3%, continuing a tech slump. The Dow Jones Industrial Average (^DJI) edged up 0.2%, coming off an almost 650-point gain for the blue-chip gauge. The S&P 500 (^GSPC) dropped roughly 0.1% after ending above 6,900 for the first time on Thursday.
Investors are switching out of tech as fears about AI over-valuations get a reboot, as Broadcom (AVGO) followed Oracle (ORCL) in delivering earnings that left Wall Street wanting more. The chipmaker failed to deliver clarity on an AI payoff, stirring concerns about tighter profit margins instead. Its shares dropped over 7% in early trading, despite its quarterly earnings beat.
At the same time, cyclical stocks — those more sensitive to the economy — got a bid following the Federal Reserve’s third interest-rate cut of the year. The expected easing comes amid rising optimism for US growth, helping drive broader bullishness for stocks.
On the corporate front, Lululemon (LULU) shares surged more than 12% after the athletic wear maker said CEO Calvin McDonald will exit at the end of January following a stretch of disappointing sales.
Wall Street is looking to end Friday on a high note, with the S&P 500 and Dow eyeing weekly wins as investors weigh that rate cut and the Fed’s likely policy moves in 2026. Meanwhile, the Nasdaq is on track for a slight loss after a tough week.
Elsewhere in markets, the 10-year Treasury yield (^TNX) stepped higher to top 4.19%.
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