🚨Stock Market Today: Dow closes above 41,000 for first time as rotation gains steam 💪🏻

On Wednesday, the Dow Jones Industrial Average rose by 243 points (0.6%), reaching a new high of 41,198.08, driven by gains in financial and energy sectors as investors moved away from tech stocks. Conversely, the S&P 500 dropped by 1.4%, and the NASDAQ Composite fell by 2.8%, marking its worst day since late 2022.

Nvidia's stock plummeted over 6% due to concerns about a potential expansion of U.S. restrictions on exporting chipmaking equipment to China, causing a broader tech stock sell-off. This geopolitical tension was heightened by former President Trump suggesting Taiwan should pay the U.S. for defense equipment, leading to an 8% drop in Taiwan Semiconductor Manufacturing's stock. Major tech companies like Apple, Netflix, and Meta also saw declines.

In earnings news, Johnson & Johnson's stock increased by nearly 4% after reporting strong second-quarter results. In contrast, Spirit Airlines fell by 11% after lowering its revenue outlook, JB Hunt dropped 7% due to a significant profit decline, and Five Below slumped 25% following the resignation of its CEO and disappointing guidance.

Federal Reserve officials signaled that rate cuts might be approaching, with Governor Christopher Waller and Richmond Fed President Tom Barkin noting signs of moderating economic growth and declining inflation pressures.

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