Dow Jones Hits New High, AI and Chip Stocks Slide on Broadcom, Ciena

The Dow Jones Industrial Average hit a fresh record high during the week ending June 5, 2026, while the Nasdaq composite tumbled as disappointing results from Broadcom (AVGO) and Ciena (CIEN) triggered losses in AI and chip stocks. Meanwhile, SpaceX set an IPO price target.

Market Move Details

The Dow Jones rose to its highest level ever, supported by traditional sectors, while the Nasdaq composite fell more than 2% for the week. The losses came after Broadcom issued weaker-than-expected revenue guidance, dampening investor sentiment toward the AI sector. Ciena's disappointing results also dragged down networking equipment stocks.

Sector Performance

AI and chip stocks were particularly hard hit, with Nvidia (NVDA) and AMD (AMD) declining significantly. Palo Alto Networks (PANW) and CrowdStrike (CRWD) also fell amid a broader sell-off in technology stocks.

SpaceX IPO

In separate news, SpaceX set a price target for its initial public offering, sparking investor interest. No further details on valuation or timeline have been disclosed.

What This Means for Investors

The market movement suggests investors are reassessing growth expectations in the AI sector after mixed results. Tech stocks may remain volatile as the market awaits more data. On the other hand, the SpaceX IPO represents a potential diversification opportunity.