Dow Hits Record as Chip Profit-Taking Drags S&P 500 and Nasdaq Ahead of Warsh Fed

U.S. stocks were split Tuesday, with the Dow Jones Industrial Average rising about 0.9% to a record near 52,170 while the S&P 500 slipped about 0.25% to around 7,540 and the Nasdaq Composite fell 0.61%. Profit-taking in semiconductors weighed on the cap-weighted indexes, according to BeInCrypto, with Nvidia down 1.47%, AMD 4.22%, Micron 2.89%, Broadcom 3.79% and Intel 5.62%. Brent crude fell below $80 after the U.S. and Iran reached a deal to ease tensions, lifting industrials (+2.88%) and financials (+1.41%) while energy fell 0.57%. The Fed began its two-day meeting, the first under Chair Kevin Warsh, with markets expecting no rate change; housing starts fell 15.4% in May to a 1.177 million annual rate.