The Dow Jones Industrial Average pushed to fresh record highs Thursday as investors rotated out of expensive tech stocks and into industrials, financials and healthcare. Broader risk appetite stayed firm after the Federal Reserve delivered its third straight interest-rate cut a day earlier.

The Dow gained 1.3% to 48,685 by 1:00 p.m. ET Thursday, following a 1.1% gain a day earlier on track for the best 2-day rally since May.

Small caps continued to break new ground, with the Russell 2000 up 1% at 2,590. The S&P 500 held the flat line, while the Nasdaq 100 slipped 0.6% as chipmakers dragged the benchmark lower.

Shares of Oracle Corp. (NASDAQ:ORCL) sank 12% after earnings and guidance disappointed Wall Street.

Revenue growth was solid but came in shy of expectations, while the company sharply lifted its fiscal 2026 capital-expenditure forecast to support AI data-center buildouts. The step-up in spending revived concerns that heavy AI investments may take longer to generate returns, weighing on sentiment across the tech complex.

Nvidia Corp. (NASDAQ:NVDA) fell 2.5%, ...