The three major indexes on the New York stock market ended mixed.
On Jan. 8 (U.S. Eastern time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average finished 270.03 points, or 0.55%, higher at 49,266.11. The Standard & Poor's (S&P) 500 rose 0.53 point, or 0.01%, to 6,921.46, while the Nasdaq composite fell 104.26 points, or 0.44%, to 23,480.02.
Profit-taking sales continued, centered on artificial intelligence (AI) and semiconductor stocks that had surged recently. The Philadelphia Semiconductor Index fell 1.83%, and among stocks in the index with a market cap of $100 billion or more, all but three, including Qualcomm, declined.
Nvidia fell 2.17%, and Broadcom, ASML, Micron Technology, AMD, Applied Materials, Intel and KLA each dropped around 3%.
Alphabet, Google's parent company, kept rising after overtaking Apple for No. 2 in market cap the previous day, drawing close to a $4 trillion valuation. Alphabet shares rose 1% on the day, bringing its market cap to $3.93 trillion.
Funds from the sale of semiconductor stocks rotated into cyclicals. Buying flowed into retail, manufacturing and apparel without regard to sector, including The Home Depot, Inc., Procter & Gamble, Coca-Cola, Caterpillar, Merck, McDonald's and Nike.