Dow Rallies as Investors Rotate Into Banks and Retail, While Nasdaq Trails

U.S. stocks moved higher on Thursday as investors shifted out of chipmakers and other technology shares and into banks, retail, and some smaller companies. The Dow rose sharply, while the Nasdaq lagged as Broadcom and CrowdStrike fell after disappointing updates. New economic data also added to the day’s market backdrop. Weekly jobless claims rose to their highest level in nearly four months, while productivity came in below expectations and labor costs rose less than forecast. Elsewhere, Bitcoin was under pressure and headed for its worst week in months, while several stocks including Blackstone, Alnylam Pharmaceuticals, Humana, and UnitedHealth posted notable gains. Quantinuum also began trading on the Nasdaq after an upsized IPO.