The Dow Jones Industrial Average climbed 1.14% to close at a new record high on Thursday, driven by gains in Apple and McDonald's that helped offset broader weakness in the technology sector.
The S&P 500 remained largely flat, while the Nasdaq Composite declined 0.8%, extending its recent struggles as investors continued to rotate out of semiconductor names.
The divergence highlights a shifting market dynamic where large-cap consumer and tech hardware giants are providing a floor for the broader market, even as the semiconductor sector faces sustained selling pressure.
Apple and McDonald's emerged as key stabilizers, with their strength preventing a more widespread decline across major indices.
This session follows a period of volatility for US equities, with the Nasdaq Composite having closed lower for four consecutive sessions prior to Thursday.
Broad-based selling in large-cap technology shares had previously overwhelmed positive catalysts from the semiconductor sector, leading to a severe sell-off in memory chip leaders and other tech names.