Stock indexes are mixed today, with the Dow Jones Industrials hitting a new high while tech shares drag down the broader market. Broadcom’s -7% drop leads tech stocks lower due to disappointing sales outlook. Investors rotating out of tech into industrials support the Dow Jones. Oracle and Broadcom’s outlooks also contribute to tech stock sell-off.

Hawkish Fed comments push T-note yields higher, with a 10-year T-note yield up about +3 bp. Fed officials express concern over inflation and prefer to keep policy slightly restrictive. Markets discount a 24% chance of a rate cut at the next FOMC meeting. Q3 earnings season sees 83% of S&P 500 companies exceeding forecasts with a +14.6% increase in earnings.

Overseas markets see gains, with Euro Stoxx 50, Shanghai Composite, and Nikkei Stock 225 all up. T-notes face pressure from hawkish Fed comments, leading to a -9 tick drop. European government bond yields also rise. UK Oct manufacturing production falls short of expectations.

Broadcom leads chip stocks lower with over -7% drop, while silver mining stocks climb. Netskope reports losses, dragging its stock down. Sandisk falls after downgrade. Roblox, Ciena Corp, Veeva Systems, and other stocks experience downgrades. Quanex Building Products and Lululemon Athletica see gains.

Phathom Pharmaceuticals, Bristol-Myers Squibb, General Electric, and Tesla see gains after analyst upgrades. Tesla benefits from China’s stance on predatory competition. Earnings reports from Johnson Outdoors Inc, SR Bancorp Inc, and Value Line Inc are expected on 12/12/2025.

Read more at Nasdaq: Stocks Pressured by Broadcom Sell-Off and Higher Bond Yields