Dow Reaches New Record Closing High But Nasdaq, S&P 500 Give Back Ground

U.S. equities ended mixed as the Dow hit a new record closing high while the Nasdaq and S&P 500 pulled back after several strong sessions. The Dow gained 0.6% to 51,999.67, led by JPMorgan and other financial/blue-chip names, while the Nasdaq fell 1.2% and the S&P 500 lost 0.6%. Weakness in semiconductors, networking stocks, oil services and telecoms weighed on broader markets, with profit-taking cited after recent gains. Traders also positioned ahead of the Federal Reserve’s policy announcement, where rates are expected to remain unchanged. Elevated import prices, up 1.9% in May and 6.7% year over year, reinforced inflation concerns. The article suggests a rotation out of high-growth tech into banks, gold and housing, while bond yields eased as Treasuries firmed.