Dow tops 52,000 while Nasdaq falls on Federal Reserve uncertainty
US markets were all over the place on Tuesday.
The Dow Jones soared nearly 300 points, briefly topping 52,000 and stretching its winning streak to four days (up over 2,000 points).
But tech-heavy Nasdaq dropped 1.2% and the S&P 500 slipped 0.6%, as everyone waited to see what the Federal Reserve would do with interest rates.
SpaceX $60B Cursor buyout lifts shares
A big sell-off in chip stocks like NVIDIA, AMD, Broadcom, Micron, and Intel (all down between 2.5% and 8.5%) pulled the Nasdaq lower while investors shifted toward more traditional old-economy stocks, giving the Dow a boost.
Meanwhile, SpaceX made headlines by announcing a $60 billion buyout of AI startup Cursor; its shares jumped up to 15% before settling at a solid 4% gain by the close, putting SpaceX neck-and-neck with Amazon in market value at $2.66 trillion.