Nasdaq 100 rises 2.1%, chip index jumps 5.38% as Dow slips

The split between a surging semiconductor index and a slightly lower Dow points to a narrow, tech-led session rather than broad risk appetite, with chip names doing most of the heavy lifting. That divergence matters because it suggests positioning is concentrating in one part of the market, which cuts both ways when sentiment shifts. Whether the chip complex keeps leading and the Dow resumes participating is the open question worth watching.