US stocks continue to rotate out of technology and into industrials

U.S. equities are rotating out of technology and AI/chips into industrials, with the Dow up 0.55% while the S&P 500 is slightly lower and the Nasdaq is down 1.02%. The Nasdaq’s break below its 100-day moving average for the first time since April 13 is a bearish technical signal and underscores the weak tone in growth stocks. The article highlights broad selling across chip and AI names, including double-digit losses in Coherent, SanDisk, Lumentum, Micron, Nebius, and Credo. Nvidia is also testing its 200-day moving average, a key support level that has held twice recently. Overall, the market tape suggests continued sector rotation away from semiconductors toward more cyclical industrial names, with near-term pressure concentrated in the tech-heavy Nasdaq rather than the broader market.