Nasdaq reaches a new intraday high while the Dow Jones Industrial Average falls 270 points, weighed down by a broad decline in financial stocks despite a lack of specific negative news.
JPMorgan Chase fell 3.5% and took 72 points off the Dow, with no company-specific news cited.
The Dow Jones Industrial Average fell 0.6%, losing 270 points, dragged down by financial stocks.
Travelers dropped 2.8%, contributing 62 points to the Dow's decline.
Visa's 2.4% dip accounted for 53 Dow points.
The Nasdaq Composite rose 0.3% and set a fresh intraday high.
Sandisk rose 6.5% after receiving a bullish analyst note and joining the S&P 100.
Micron Technology rose 3.6% ahead of its Q4 2026 earnings report.
The S&P 500 was essentially flat with a 0.1% drop.
Oil prices declined as Iran set up a framework to potentially reopen the Strait of Hormuz and progress was made on reopening a Saudi pipeline.
Sandisk joined the S&P 100 index, but no direct index move was reported.
The Nasdaq Composite climbed 0.3% to reach a fresh intraday high on Tuesday, bolstered by gains in the memory chip sector. Conversely, the Dow Jones Industrial Average dropped 0.6%, shedding 270 points as financial heavyweights including JPMorgan Chase, Travelers, and Visa faced broad selling pressure without clear catalysts.
The Dow's decline was primarily driven by a broad sell-off in financial stocks, including JPMorgan Chase and Visa, while the Nasdaq was supported by positive momentum in memory chip manufacturers.