Stock Market Today: Dow 48,700 Record, Nasdaq Slides AVGO Stock -10% as LULU Surge, Gold Tops $4,380

Stock Market Today - Dow Hits Record High as AVGO Stock Price Slumps, Gold Tops $4.3K

Dow Strength Vs. Nasdaq Weakness: Rotation Out Of AI Mega Caps

U.S. stocks are split. The Dow Jones Industrial Average (^DJI) is grinding out fresh records around 48,700, up roughly 0.2% intraday after Thursday’s 646-point surge. The S&P 500 (^GSPC) is slipping about 0.1%–0.7% around 6,850, while the tech-heavy Nasdaq Composite (^IXIC) is under heavier pressure, off roughly 0.8%–1.2% near 23,300. The Russell 2000 (RUT) sits around 2,584, basically flat on the day but still near record territory.

The message: money is not leaving equities; it is rotating. Capital is moving out of crowded AI leaders and into financials, industrials, consumer names, infrastructure plays, and value stocks that benefit from lower rates and stronger nominal growth. The S&P 500 equal-weight ETF trades higher even as the cap-weighted index dips, confirming that breadth is improving while the AI complex gets repriced.

S&P 500, Nasdaq And Russell 2000: Leadership Broadens Beyond AI

Thursday’s session already flagged the shift: the Dow outperformed the S&P 500 by its widest margin in more than nine months as the blue-chip benchmark, the S&P 500 and the Russell 2000 all closed at record highs while the Nasdaq slipped.

Today extends that divergence. The Dow and S&P remain on track for weekly gains, while the Nasdaq is flirting with a fractional weekly loss despite being the year’s star performer. Tech still dominates index weightings — technology is roughly 35% of the S&P 500 — but price action shows investors are finally willing to pay up for lagging sectors instead of endlessly chasing the same AI leaders.

Broadcom (AVGO), Oracle (ORCL) And Nvidia (NVDA): AI Spending Hits The ‘Show-Me’ Phase

The epicenter of today’s selloff is the AI infrastructure trade.

Broadcom Inc. (NASDAQ: AVGO) dropped about 10% intraday to roughly $365, wiping tens of billions in market value and posting its worst day since the April tariff shock. The numbers on the surface are not bad: Q1 sales are guided to about $19.1 billion, ahead of the roughly $18.5 billion Wall Street expected. The company also raised its quarterly dividend by 10% to $0.65 per share and highlighted an $11 billion AI order from Anthropic.

The problem is the mix and the margins. Management disclosed a $73 billion AI backlog to be shipped over the next six quarters, but warned that surging custom AI processor sales carry lower margins and will pressure profitability. Investors are no longer impressed by big AI revenue headlines if incremental returns on that capital are shrinking. Broadcom also refused to pin down a 2026 AI revenue figure, calling it a “moving target,” which undercuts the market’s desire for visibility.

Oracle Corporation (NYSE: ORCL) is the other AI casualty. After plunging roughly 11% on Thursday, the stock is down another 3%–4% today as its aggressive, debt-fuelled AI capex plan spooks investors. Oracle is now the poster child for the “capex shock” dynamic: huge AI data-center spending, unclear profit timing. The market is signaling that “growth at any cost” is no longer acceptable, even in AI.

Nvidia (NASDAQ: NVDA) is caught in the cross-fire. Shares are down about 1.3% for the week as investors reassess the durability of AI hardware margins. Reports that Nvidia is exploring extra H200 supply for Chinese customers, after the U.S. allowed exports with a 25% tariff, underline that even the top AI beneficiary is operating inside a politically and competitively constrained environment.

Short term, the AI infrastructure basket is in tactical de-rating mode. The trade is shifting from momentum-driven “buy everything with AI in the slide deck” to a selective, cash-flow-driven approach.

Big Tech Under Pressure: META, AMZN, AAPL, GOOGL Lose Altitude

The ripple from AVGO and ORCL is visible across mega-cap tech:

• Broadcom (AVGO): about -10% today, -6% on the week.

• Oracle (ORCL): roughly -3.5% today after about -11% yesterday.

• Nvidia (NVDA): set for a ~1.3% weekly decline.

• Alphabet (GOOG) and Meta Platforms (META): looking at weekly losses of around 3% and 4%, respectively.

• Amazon.com (AMZN): modestly lower with the group.

• Apple (AAPL): essentially flat, acting as a relative haven inside Big Tech.

This is not a wholesale collapse; it is a repricing of expectations. AI positions with the highest embedded growth assumptions are taking the most damage, while more mature cash-generators like AAPL hold sideways.

Lululemon (LULU), Tesla (TSLA), Visa (V) And Costco (COST): Real-Economy Winners Counterbalance Tech

Outside AI, several consumer and payments names are offsetting tech weakness.

Lululemon Athletica Inc. (NASDAQ: LULU) is one of the day’s clearest outperformers. The stock is up roughly 10%–12% around $205–$206 after a clean earnings beat and improved profitability. Q3 revenue climbed 7% year over year to $2.6 billion, above the $2.47 billion consensus. Diluted EPS hit $2.59, comfortably ahead of the $2.22 estimate. International sales rose 18% on a comparable basis, while same-store sales in the Americas fell 5%, confirming that the growth engine is now global. For 2025, LULU guided net revenue to $10.96–$11.0 billion (about 4% growth) and projected full-year EPS of $12.92–$13.02, both ahead of the Street. The CEO transition — Calvin McDonald stepping down January 31, with interim co-CEOs installed — is not denting confidence. The market is treating this as an earnings-driven turnaround, not a governance risk.

Visa Inc. (NYSE: V), a Dow component, adds to the non-AI leadership. After surging 6% yesterday and reclaiming its 200-day moving average, V is up another roughly 1% today. That price action tells you investors are willing to pay for transaction volume growth tied to a resilient U.S. consumer and travel spend, especially as rates move lower.

Tesla Inc. (NASDAQ: TSLA) is another bright spot for growth outside AI. Shares are up nearly 2% and hovering near all-time highs, eyeing a breakout above a $458.87 buy point flagged by technical traders. Despite ongoing global EV price wars, the market is still willing to treat TSLA as a core high-beta growth lever, particularly as AI-centric trades wobble.

Costco Wholesale Corporation (NASDAQ: COST) appears on “most-active” lists as investors look for defensives with real earnings and steady membership revenue. The broader message: markets are rewarding visible cash flows and pricing power far more than speculative AI promises today.

Cannabis Stocks Ignite: TLRY, CGC, ACB, CRON React To Trump Rescheduling Talk

One of the day’s sharpest thematic moves is in cannabis.

Following reports that President Trump is considering reclassifying marijuana from a Schedule I to Schedule III substance, cannabis stocks have exploded higher:

• Tilray Brands Inc. (NASDAQ: TLRY) is up about 35%.

• Canopy Growth Corporation (NASDAQ: CGC) is up roughly 23% near $1.39.

• Aurora Cannabis Inc. (NASDAQ: ACB) has gained about 23%.

• Cronos Group Inc. (NASDAQ: CRON) has added around 13%.

Reclassification would not legalize cannabis nationwide, but it would dramatically reshape federal tax treatment and reduce some regulatory and banking hurdles. The market is pricing in a clear improvement in access to capital, profitability, and institutional participation. Given the deep drawdowns in the sector, these moves are at least partly short-covering rallies, but the policy angle provides a more durable fundamental narrative than prior hype cycles.

For now, the space remains speculative Buy territory: upside is large if federal reforms materialize, but volatility will stay extreme.

Carvana (CVNA), Robinhood (HOOD) And Coinbase (COIN): From 2022 Bust To S&P 500 Club

The momentum shift is not just about sectors; it is also about redemption arcs.

Carvana Co. (NYSE: CVNA) is the standout. After losing 98% of its value in 2022 and flirting with collapse, the online used-car retailer has engineered a dramatic operational turnaround: record revenue, record gross profit per vehicle, and aggressive cost cuts. The stock traded below $4 three years ago; it is now up roughly 11,000% from its lows and is set to join the S&P 500 (^GSPC) later this month.

Carvana’s inclusion alongside Robinhood Markets Inc. (NASDAQ: HOOD) and Coinbase Global Inc. (NASDAQ: COIN) — both of which were also crushed during the 2022 bear market and later rebounded sharply — signals something important about this bull phase. The index committee is validating a new wave of formerly-distressed, now-profitable high-beta names as core holdings for passive capital.

That amplifies flows: every passive fund tied to the S&P 500 will now need exposure to CVNA, mechanically reinforcing its comeback story.

UBS (UBS) And CRH (CRH): Old-Economy Winners Ride Capital Rules And Infrastructure

Not every outperformer is a flashy tech or meme name.

UBS Group AG (NYSE: UBS) gained roughly 3%–5% today and hit its highest level since February 2008 after Swiss politicians proposed softer capital rules than regulators originally signaled. Markets feared that Switzerland would push capital requirements so high that returns on equity would be structurally capped. The latest proposal waters down those demands, preserving UBS’s ability to return cash and grow. The result: UBS trades at a new post-crisis high near $43–$44, with investors re-rating its profitability and capital flexibility.

CRH plc (NYSE: CRH) is another structural winner. The construction materials group has returned about 15.9% over the last month and 29.7% over the past year, closing around $126.99 with a market cap close to $85 billion. A Q2 earnings beat, upgraded full-year EBITDA guidance, and ongoing tailwinds from U.S. infrastructure spending under the IIJA — with less than 40% of act funds deployed so far — all support the bull case. The contrast with over-owned AI names is stark: here, cash flows are tied to concrete, contracted infrastructure demand, not speculative AI revenue curves.

Salesforce (CRM) And Mastercard (MA): Insider Conviction And Capital Returns

Individual corporate actions are also shaping sentiment.

Salesforce Inc. (NYSE: CRM) is drawing attention after ValueAct reportedly accumulated about $25 million of stock. That insider-style accumulation from an activist long-term investor reads as a direct confidence signal in Salesforce’s multi-year margin and AI-enhancement story. Against today’s anxiety around AI capex, CRM stands out as a name where AI is embedded in a mature, cash-rich software platform rather than a pure-buildout story.

Mastercard Inc. (NYSE: MA) is on watch after announcing a $14 billion share repurchase program and a dividend increase. A buyback of that scale at current valuations is an unambiguous statement that management sees the stock as attractive. Combined with structurally high margins and mid-teens EPS growth, MA fits squarely in the “quality compounder” bucket that benefits from lower rates without needing AI hype.

Gold, Silver, Oil And Natural Gas: Rates, Risk And Repricing Across Commodities

Commodities are sending a split signal that matches the cross-currents in equities.

Gold is the standout. COMEX Gold Feb 26 (GC=F) touched a fresh intraday record around $4,381 an ounce and trades near $4,335–$4,339, up about 0.6% on the day and around 1.9% on the week. The metal has broken its all-time high more than 50 times in 2025 and is on track for its best year since 1979. Fed easing, persistent geopolitical risk, and skepticism about fiat stability are all driving XAU/USD higher. Silver futures are near a record $64 an ounce, up about 0.6% today but slightly down on the session in some quotes, reflecting lighter liquidity.

Energy is weaker. Brent Crude (BZ=F) trades around $61–$62 a barrel, down roughly 0.3% intraday and about 2.6% on the week. WTI Crude (CL=F) is near $57–$58, off about 3.2% for the week despite a modest bounce today. Traders are focused on a bearish 2026 supply outlook, ongoing diplomatic efforts around Ukraine, and concerns that OPEC+ cohesion may be fraying. The S&P GSCI commodities index is down about 0.7%, pointing to broad softness in energy and some industrials.

Natural gas, after a sharp spike earlier in the quarter, continues its pullback. Futures are down about 2.6% today near $4.12, as mild weather and robust U.S. production alleviate near-term shortage fears.

The pattern: monetary-hedge assets (gold, silver) are in secular bull mode, while cyclical commodities like oil and gas are trading more on supply-demand micro and geopolitics than on the Fed.

Dollar And Treasuries: 10-Year Yield Back Above 4.18% After Fed Dissent

On the macro side, bond yields and FX are stabilizing after the Fed’s rate cut.

The 10-year U.S. Treasury yield (^TNX) is hovering just above 4.18%–4.19%, up roughly 2–5 basis points on the day, as bonds give back part of the post-Fed rally. The move comes after two Fed officials — including Chicago Fed President Austan Goolsbee — publicly explained their dissent against the December cut. Goolsbee argued that waiting until early 2026 to cut again would have allowed more fresh inflation data and reduced the risk of moving too quickly.

The benchmark Fed funds range now sits at 3.50%–3.75% after this year’s third cut, with a 9–3 vote. One dissenter wanted no cut, another cited data gaps due to the earlier shutdown, and a third wanted an even larger cut. Markets are pricing a dovish but divided Fed.

The U.S. Dollar Index (DX=F) trades around 98.4, modestly higher on the day but on track for a third straight weekly decline. A softer dollar supports U.S. multinationals and commodities, while slightly higher yields cap the downside. The balance between these two forces is one reason equities can hold near records even as AI stocks correct.

Policy Front: AI Regulation, Trump’s Marijuana Push And AI Economy Politics

Policy risk is increasingly intertwined with the market’s favorite themes.

On AI, the White House is pushing toward a single national regulatory framework. Officials argue that companies cannot operate efficiently under a patchwork of potentially 1,000+ state-level AI rules. The administration’s stance includes threats to withhold federal broadband funding from states whose AI laws conflict with federal guidance and the launch of an AI litigation task force inside the Justice Department. For Big Tech and AI software providers, this is a double-edged sword: a unified rulebook lowers compliance fragmentation but raises the stakes if the federal rules are restrictive.

On cannabis, the discussion about shifting marijuana to Schedule III has already ignited the stocks. Beyond the immediate rally, the more important point is that such a move would materially reduce tax burdens (by allowing normal expense deductions), bolster banking access, and open the door to broader pharmaceutical development and institutional investment. That is why the group is reacting as if a structural shift is underway, not a minor headline.

Politically, there is also a growing narrative that AI is powering Trump’s economy while voters remain uneasy about inequality and job security. That gap between macro strength and voter anxiety will influence fiscal choices and regulatory posture into 2026, especially around tech, trade and industrial policy.

Flows, Index Mechanics And 2026 Targets: Why The Bull Market Is Not Just AI

Fund flows and strategist targets underscore that this is still a bull market, but with narrowing tolerance for mistakes.

U.S. investors turned net buyers of equity funds again in the week through December 10, the first inflow in three weeks. Sector funds tied to metals/mining, industrials and healthcare saw notable inflows, while bond funds attracted fresh capital as well. That combination — buying in cyclicals plus bonds — fits the “soft-landing with moderate growth” story rather than a “hard landing” fear trade.

Index mechanics will add another volatility layer. Nasdaq is set to announce its Nasdaq-100 reshuffle after today’s close, with changes effective December 22. Inclusions and removals can trigger forced buying or selling by passive funds, potentially exaggerating moves in names added or cut. Separately, Nasdaq is proposing tougher listing rules so it can block IPOs that look especially vulnerable to manipulation, even when they meet technical requirements. That is a direct response to the boom-bust patterns seen in some small-cap tech and specialty listings.

Strategists’ 2026 roadmaps remain constructive but come with larger warning labels. A prominent call pegs the S&P 500 at roughly 7,600 by 2026, implying upside of around 11%–12% from current levels, based on estimated $305 in S&P earnings. Another house sees potential for about a 9% gain in a steady-growth scenario, but also highlights that a recession could trigger a ~20% drawdown given elevated valuations. The consensus: directionally bullish, but less forgiving of execution failures and capital-allocation errors.

What’s Next: Jobs, CPI, Central Banks And Big-Cap Earnings Catalysts

The calendar remains loaded.

Next week brings key U.S. macro prints delayed by the earlier shutdown, including non-farm payrolls and November CPI. With the Fed already cutting, stronger-than-expected inflation could quickly revive worries about policy error, while a soft jobs number would push the market toward pricing more aggressive easing.

A wave of central-bank decisions is also due, with ECB, BoE and others setting policy against the backdrop of a newly dovish Fed. Diverging central-bank paths are central to the dollar outlook into 2026.

On the micro side, earnings from Nike (NKE), FedEx (FDX) and Micron Technology (MU) will give fresh reads on global consumer demand, logistics and the memory side of the semiconductor cycle — all critical for confirming whether the rotation away from AI leadership can stand on its own.

Trading Stance: Buy The Dow And Cyclicals, Hold AI Leaders, Trade Speculative Themes With Discipline

Putting all of this together:

• The Dow, S&P 500 and Russell 2000 at or near record highs, plus healthy fund inflows, argue the U.S. equity market remains a BUY on a 12- to 24-month view.

• Leadership is broadening beyond AI to financials, industrials, infrastructure and quality consumer names like V, MA, COST, LULU, CRH, UBS. That rotation reduces concentration risk and supports a bullish tilt toward cyclicals and value.

• The AI complex — AVGO, ORCL, NVDA, META, GOOGL, AMZN — is in a short-term HOLD/neutral zone. Revenue growth is intact, but margin and capex concerns justify a consolidation phase after massive outperformance. Position sizing and entry discipline matter more than chasing headlines.

• Gold and silver remain strategic BUYs while the Fed cuts, inflation uncertainty lingers, and geopolitical risk stays elevated.

• Cannabis stocks like TLRY, CGC, ACB, CRON and turnaround names such as CVNA, HOOD, COIN sit firmly in speculative BUY territory for high-risk traders only, not core portfolios.

Net verdict: the Stock Market Today setup is bullish but selective — BUY U.S. equities with an overweight to Dow-style cyclicals and quality compounders, HOLD crowded AI leaders through the repricing of margins and capex, and treat speculative sectors as tactical trades rather than long-term anchors.

That's TradingNEWS