A selloff in high-flying chipmakers split Wall Street on Thursday, with Broadcom Inc. (AVGO)'s disappointing AI-revenue forecast testing the artificial-intelligence trade that has carried equities to records.

The Nasdaq 100 slipped while the Dow Jones rallied more than 800 points on defensive and financial leadership, leaving the S&P 500 slightly above the flatline by midday.

On the Middle East front, hopes that an Israel-Lebanon ceasefire could clear the path to a broader Iran deal pulled crude lower. West Texas Intermediate crude fell about 3.3% to roughly $92.87 a barrel, while Brent slid 2.8% to near $95.06. The retreat in energy prices offered relief to Treasuries even as traders kept one eye on Friday's May payrolls report.

The S&P 500 added 0.2% to 7,568.56, while the Dow Jones Industrial Average advanced 863 points, or 1.7%, to 51,550.63.

The Nasdaq 100 fell 0.7% to 30,355.45, weighed down by the chip complex.

Broadcom Inc. cratered nearly 15% despite topping estimates with adjusted earnings of $2.44 per share, as its AI-chip revenue outlook fell short of the market's lofty expectations.

Gold drew safe-haven and weaker-dollar support, rising 1.0% to about $4,477 an ounce.

Bitcoin fell for the fifth straight session, down by 0.6%. The biggest cryptocurrency hit an intraday low at $61,310, marking the lowest levels since February 6, 2026.

Thursday's Performance In Major US Indices

According to market data:

• The Vanguard S&P 500 ETF (VOO) edged up 0.2%.
• The SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 1.7%.
• The Invesco QQQ Trust (QQQ) slid 0.7%.
• The iShares Russell 2000 ETF (IWM) rallied 1.1%.

Chip Stocks Stumble, While Defensives Shine

The Health Care Select Sector SPDR Fund (XLV) led all groups with a 2.8% gain, closely trailed by the Financial Select Sector SPDR Fund (XLF), up 2.6%. At the other extreme, the Technology Select Sector SPDR Fund (XLK) sank 2% as the chip selloff rippled across the tape.

Industry-wise, the VanEck Semiconductor ETF (SMH) dropped 2.3% in the worst showing among industry groups, while the SPDR S&P Regional Banking ETF (KRE) jumped 2.8% and the iShares Biotechnology ETF (IBB) climbed 2.5%.

Micron Technology Inc. (MU) slumped over 6% – the company's worst session since late March.

The session's defining feature was a wave of "beat-and-bleed" reactions. Broadcom's tumble was echoed by CrowdStrike Holdings Inc. (CRWD), which fell 7.2% after its post-close report. Ciena Corp. (CIEN) sank 18.4% even as it beat with adjusted EPS of $1.64 on revenue of $1.57 billion, up 40% year-over-year, and raised full-year guidance to $6.3 billion – a print that failed to impress after a strong run into the report.

The retail and apparel corner saw the same dynamic. PVH Corp. (PVH) plunged 20.9%, the day's worst Russell 1000 performer, after the Calvin Klein and Tommy Hilfiger owner beat on first-quarter earnings ($2.01 adjusted EPS versus $1.82 expected, revenue of $2.03 billion) but cut its full-year revenue outlook to roughly flat, citing Middle East-related headwinds in EMEA and tariff effects.

Five Below Inc. (FIVE) dropped 13.3% despite posting adjusted EPS of $2.22 against a $1.69 estimate and lifting its annual forecast, as investors questioned the durability of the guidance raise given tariff assumptions and trend-driven comparable sales.

The financials rebound powered the day's gainers. Blackstone Inc. (BX) rose 7.8%, recovering from the prior session's slump tied to its move to cap private-credit fund withdrawals, while peer Blue Owl Capital Inc. (OWL) climbed 7.1% in sympathy across the alternative-asset space.

Healthcare-AI names also surged. Caris Life Sciences Inc. (CAI) jumped 11.7% and Tempus AI Inc. (TEM) rose 9.4%, with the precision-diagnostics pair rallying together.

Thursday's Russell 1000 Top Gainers

Thursday's Russell 1000 Top Losers