US stock market today July 1 : Wall Street saw a mixed trading session on Wednesday as the Dow Jones Industrial Average briefly climbed to a new intraday record before giving back its gains, while profit-taking in semiconductor stocks dragged the Nasdaq Composite lower.
US Stock Market Today: S&P 500, Dow Jones and Nasdaq End Mixed on July 1
The Dow ended the day down 13.96 points, or 0.03%, at 52,305.24 after touching a record intraday high of 52,742.66 earlier in the session. The S&P 500 slipped 0.22% to close at 7,483.23, while the Nasdaq Composite fell 0.66% to 26,040.03, according to a CNBC report.
US stock market today July 1: Dow Reaches New Intraday High Before Retreating
The Dow traded at a record 52,742.66 during Wednesday's session before losing momentum later in the day.
The pullback came as shares of Caterpillar, one of the companies that has benefited from the artificial intelligence theme, dropped nearly 7%.
Nasdaq Falls as Chip Stocks Face Profit-Taking
Chipmakers came under pressure after posting strong gains during the first half of 2026.
Micron fell more than 10%, although the stock remains up more than 260% so far this year. Sandisk also dropped over 10% but is still higher by more than 750% in 2026. Nvidia declined about 1%, while Broadcom lost roughly 2%.
Wall Street's 'Great Rotation' Continues Into the Third Quarter
Jeff Kilburg, founder and CEO of KKM Financial, said investors continue rotating money from technology stocks into traditional Dow companies.
Kilburg said, “The ‘Great Rotation’ trade persists into [the third quarter] as the blue boring names of the Dow Jones [Industrials] continue to attract inflows directly from recent profit taking money from tech stocks,” adding, “This is extremely healthy and underscores the broadening breadth of equities for this continued bull market in its fourth year,” as quoted by CNBC.
Dow, S&P 500 and Nasdaq Build on Strong First-Half Performance
Wednesday's session followed a strong first half of 2026 for US markets.
The Dow gained 8.9% during the first six months of the year, marking its strongest first-half performance since 2021. The S&P 500 advanced 9.6%, while the Nasdaq climbed 12.8%. The Russell 2000 rose nearly 22%, recording its best first-half performance since 1991.
Meta, Microsoft and Apple Help Limit Nasdaq Losses
While semiconductor stocks weighed on technology shares, several major technology companies posted gains.
Meta Platforms climbed nearly 9% after announcing plans to launch a cloud business and sell excess computing power, a move the company said could increase revenue. Microsoft rose 3%, while Apple added almost 2%.
Investors Watch Federal Reserve Comments
Market participants also followed remarks from Federal Reserve Chairman Kevin Warsh during the European Central Bank conference in Portugal.
Although he did not provide guidance on monetary policy ahead of this month's meeting, Warsh said that "we've seen that prices are too high," as quoted by CNBC.
S&P 500 Sees More New 52-Week Highs Than Lows
A total of 32 companies in the S&P 500 traded at new 52-week highs on Wednesday.
Among them were Live Nation Entertainment, Monster Beverage, Globe Life, PNC Financial Services Group, Travelers, Quest Diagnostics, Humana, Moderna, Stanley Black & Decker and Palo Alto Networks.
Only five companies reached new 52-week lows: AT&T, Kroger, American Tower, Crown Castle International and Constellation Energy.
