Nasdaq Pull Back From Highs. It’s All About Earnings.

Earnings drove a mixed session as major indexes traded near recent record highs. The S&P 500 was marginally higher while the Nasdaq slipped about 0.1%, reflecting a bifurcation within tech: semiconductors and some chip bellwethers jumped while software names and several large-cap techs tumbled after earnings. IBM’s weak print heavily pressured the Dow, shaving roughly 135 points, while Texas Instruments led a rally in chip stocks. Sector ETF moves were pronounced—semiconductor exposure rose as software-focused and “Magnificent Seven” ETFs fell—leaving an uneven market tone despite overall indices trading near records. Geopolitical headlines from the Middle East added intermittent volatility, but domestic earnings remained the market’s primary focus.