Finance

Wall Street indices delivered divergent results with the Dow Jones Industrial Average gaining over 260 points, driven by cooling oil prices that favored traditional blue-chip firms. Meanwhile, the S&P 500 closed nearly unchanged and the tech-heavy Nasdaq Composite pulled back due to broad weakness across the semiconductor sector.

Chip manufacturers suffered significant losses on Wall Street, dragged down by heavy drops in large-cap hardware providers and memory producers following a massive international initial public offering from a foreign rival. Conversely, enterprise software providers rallied strongly, mitigating the tech sector's overall losses and reversing prior industry-wide headwinds.

Digital assets like Bitcoin and Ethereum showed resilience, steadying as falling oil prices and a reduction in geopolitical anxieties boosted general risk appetite. Market participants have pared back downside hedges ahead of the upcoming Federal Reserve interest rate decision, despite a broader cyclical correction that has suppressed crypto valuations earlier in the year.