Dow jumps more than 700 points as semiconductors drag markets

Business Jun 04, 2026

Thursday was a mixed bag for US stocks. The Dow surged more than 700 points (1.5%), but the S&P 500 and Nasdaq slipped, thanks mostly to a sharp drop in semiconductor shares.
The VanEck Semiconductor ETF fell more than 3%, while Arm Holdings and Micron Technology lost more than 6% each.

Broadcom plunges 15% on AI guidance

Broadcom's stock plunged more than 15% after its AI chip forecast let investors down, even though earnings looked solid.
Marvell Technology and CrowdStrike also saw their shares slide (about 5% and nearly 10%) after weaker revenue guidance.

US jobless claims hit 225,000

Adding to the cautious mood, US jobless claims hit their highest level since February, at 225,000, beating expectations.
Plus, rising tensions between the US and Iran kept investors on edge.