The Nasdaq 100’s pullback followed notable weakness in high-growth names. Applovin dropped 5.14%, and Axon Enterprise slid 3.42%. Strategy Inc. and Palantir fell over 1%. Semiconductor names like Broadcom and Nvidia also slipped, dragging on index performance.
Meanwhile, AMD surged more than 6% following renewed bullishness on AI chip demand. Apple added 1.28%, helping to cushion the tech-heavy index. Yet the mixed bag suggests some profit-taking is underway after a strong run in the sector, especially with many stocks trading near 52-week highs.
Which Sectors and Stocks Powered the Dow and S&P 500?
Media stocks led the charge. Paramount Skydance soared over 22%, logging its best day since 2020 on unusually heavy volume. Warner Bros Discovery jumped nearly 7% after insider buying activity boosted confidence. Webtoon Entertainment rocketed nearly 90% after a strong Q2 earnings report and a content deal with Disney.
Elsewhere, defensive names and consumer staples gained ground. PepsiCo, Paychex, and Comcast all rose more than 1%, with investors rotating into names less exposed to high-rate environments. Apple, Intel, and Qualcomm also posted solid gains, contributing to broader index strength.