// COMPARE

Dow barely moved, adding just 12 points to 49,609. Old-economy names lagged as money rotated hard into growth and semis.

The Dow's flatness while Nasdaq surges 2.35% signals a classic rotation. Industrials and financials need rate-cut clarity that CPI data could provide.

50,000 psychological level remains the target. Needs breadth expansion from industrials and financials — unlikely without softer inflation data.

Nasdaq 100 hit a new all-time high at 29,235 — a 2.35% surge led by semis after the Philadelphia Semiconductor Index also reached a record.

AI capex cycle is entering a new phase. Hyperscalers are spending faster than consensus, and the market is rewarding the entire supply chain — from chips to cloud to cooling.

30,000 round number is the next magnet. Earnings from Cisco and Applied Materials this week will test whether the AI narrative has more room.