NASDAQ Composite sets intraday record while Dow drops 270 points in the same session

Two major US stock indexes walked into Monday morning and went in completely opposite directions. The Nasdaq Composite hit a fresh intraday record on September 22, climbing above 27,190.21 to trade between 27,211 and 27,231 in early action. Meanwhile, the Dow Jones Industrial Average shed roughly 270 points, weighed down by weakness in financials and traditional blue-chip names. What’s driving the divergence The Nasdaq’s push into record territory was powered by a handful of heavyweight tech and AI-adjacent names. Alphabet climbed about 2%, while semiconductor stocks AMD and Intel both posted double-digit percentage gains. Communication services and chip stocks broadly outperformed, extending momentum from the previous session. On September 21, the Nasdaq had already closed at a record 27,122.09, its first since early June. That close marked the beginning of what now looks like a sustained recovery in large-cap growth names after a summer that tested the patience of AI bulls. The Dow’s losses, ranging between 194 and 290 points throughout the morning, reflected softness in financials and energy names. Banks in particular struggled, caught in the crosswinds of falling Treasury yield...