Dow rises 165 points as Nasdaq, S&P 500 and semiconductor stocks retreat

The Dow Jones Industrial Average rose 165.27 points to 53,442.28 on the 25th, while the Nasdaq Composite fell 110.89 points to 26,069.57 and the S&P 500 declined 13.80 points to 7,660.57. The Philadelphia Semiconductor Index (SOX), a benchmark for semiconductor stocks, dropped 328.64 points, or 2.80%, to 11,411.73 as investors took profits after the sector’s gains in the previous session. Capital rotated into cyclical and defensive Dow components. The U.S. 10-year Treasury yield fell 0.03 percentage point to 4.70%, and the 30-year yield declined 0.04 percentage point to 5.23%, supporting equities. The narrower U.S.-Japan interest rate differential of 1.81 left dollar-yen at 159.18, up 0.23 yen. Crude oil futures plunged $2.35, or 2.70%, to $84.71 a barrel, while gold futures rose $25.40, or 0.54%, to $4,706.00. In Tokyo, the Nikkei Stock Average hovered near 65,960, about 60 points below the previous weekend, with selling concentrated in mining, utilities, insurance and banking shares. Market participants are watching whether the semiconductor decline is a temporary correction or the beginning of a more sustained profit-taking phase.

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