Wall Street's three major indexes ended mixed as the market paused to catch its breath.
On the 7th (U.S. Eastern time) on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average fell 466.00 points, or 0.94%, to close at 48,996.08. The Standard & Poor's (S&P) 500 index slipped 23.89 points, or 0.34%, to 6,920.93, while the Nasdaq composite rose 37.10 points, or 0.16%, to 23,584.27.
Early in the session, all three major indexes advanced together. The S&P 500 and the Dow again hit an intraday record high.
However, after days of gains, investors showed signs of fatigue, triggering selling across all sectors except technology and health care, and the Dow and S&P 500 turned lower.
Alphabet, Google's parent, overtook Apple to become No. 2 by market cap. Alphabet's market value at the close was $3.89 trillion, while Apple's was $3.85 trillion. It was the first time since 2019 that Alphabet's market cap surpassed Apple's.
Google is leading the artificial intelligence (AI) ecosystem with its tensor processing unit (TPU), and has shown standout results with its AI tool Gemini, prompting the market to refocus on Alphabet. Alphabet's cumulative gain last year reached 65%, the largest annual increase since 2009.
U.S. President Donald Trump pressured defense contractors, sending Lockheed Martin down 4.82% and RTX down 2.45%. Trump said, "Defense contractors are currently paying massive dividends to shareholders and buying back their own shares on a large scale at the expense of neglecting investment in plants and equipment, and this will no longer be tolerated."