Dow Climbs as Amgen Leads Blue-Chip Rebound; Tech Selloff Drags Nasdaq Lower

The Dow rose 0.5% on strong gains from Amgen, 3M, and Nike, while the Nasdaq tumbled 1.5% amid heavy semiconductor losses. Pharma, energy, and airline stocks helped cushion broader market weakness as mixed global cues and soft U.S. jobs data weighed

The Nasdaq ended the day off its lows of the session but still tumbled 350.61 points (1.5%) to 22,904.58. The S&P 500 also slid 35.09 points (0.5%) to 6,882.72 while the narrower Dow climbed 260.31 points (0.5%) to 49,501.30.

The Dow rallied sharply, boosted by an 8.2% surge in Amgen (AMGN) after its stronger-than-expected Q4 results, while 3M (MMM) and Nike (NKE) also advanced over 5%, supporting the blue-chip rebound. In contrast, tech stocks faced heavy selling as semiconductor shares tumbled, with the Philadelphia Semiconductor Index plunging 4.4%. Advanced Micro Devices (AMD) slumped 17.3% amid disappointing Q1 guidance, dragging computer hardware and networking stocks lower and weighing on the Nasdaq.

Pharmaceutical stocks showed strong gains, lifting the NYSE Arca Pharmaceutical Index by 3.1%, while energy, housing, and airline shares also moved higher, partly offsetting tech weakness. Economic data showed slower private-sector job growth, with ADP reporting a 22,000-job rise in January, below expectations. Meanwhile, the ISM services PMI held steady at 53.8, signaling continued sector expansion.

Asia-Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index decreased by 0.8%, while China's Shanghai Composite Index advanced by 0.9%. The major European markets also ended the day mixed. The German DAX Index fell by 0.5%, the U.K.'s FTSE 100 Index climbed by 0.9% and the French CAC 40 Index jumped by 1.0%.

In the bond market, treasuries showed a lack of direction before closing roughly flat for the second straight day. The yield on the benchmark ten-year note which moves opposite of its price, crept up by less than a basis point to 4.27%.

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