Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 12, 2025 in New York City. <\/p>\n
Spencer Platt | Getty Images<\/p>\n
The divergence between the performance of the Dow Jones Industrial Average<\/a> and Nasdaq Composite<\/a> on Wednesday stateside reinforces the suggestion that there are two markets operating in the U.S.: one of an artificial intelligence and another of “everything else.”<\/p>\n Not only did the Dow rise, it also secured its second consecutive record high and closed above the 48,000 level for the first time.<\/p>\n The index, which comprises 30 blue-chip companies, is typically seen as a marker of the “old economy.” That is to say, it is mostly made up of large, well-established companies driving the U.S. economy, such as banks, healthcare and industrials, before Silicon Valley became a mini <\/strong>sun powering everything.<\/p>\n And it was those stocks \u2014 Goldman Sachs<\/a>, Eli Lilly<\/a> and Caterpillar<\/a> \u2014 that lifted the Dow on Wednesday.<\/p>\n To be sure, new and flashy names, such as Nvidia<\/a> and Salesforce<\/a>, constitute the Dow too. But as the index is price-weighted, meaning that companies with higher share prices influence the Dow more, tech companies don’t exert as much gravity on it.<\/p>\n That’s in contrast to the Nasdaq, which is weighted by companies’ market capitalization, and dominated mainly by technology firms. The tech-heavy index fell as shares like Oracle and Palantir slipped \u2014 even Advanced Micro Devices’ 9% pop on its growth prospects<\/a> couldn’t rescue the Nasdaq from the red.<\/p>\n It’s not necessarily a warning sign about overexuberance in AI.<\/p>\n “There’s nothing wrong, in our view, of kind of trimming back, taking some gains and re-diversifying across other spots in the equity markets,” said Josh Chastant, portfolio manager of public investments at GuideStone Fund.<\/p>\n But what investors would really like is if fork in the road merges into one. That tends to be the safer path to take.<\/p>\n What you need to know today<\/p>\n The Dow Jones Industrial Average notches record. <\/strong>The 30-stock index climbed 0.68% Wednesday stateside to close above 48,000 for the first time<\/a>. The S&P 500<\/a> was mostly flat and the Nasdaq Composite fell 0.26%. <\/strong>The pan-European Stoxx 600<\/a> gained 0.71%<\/a>.<\/p>\n Anthropic to spend $50 billion on U.S. AI infrastructure. <\/strong>Custom data centers will be first built in Texas and New York<\/a> and go live in 2026, with more locations to follow. The facilities will be developed with Fluidstack, an AI cloud platform.<\/p>\n U.S.<\/strong> <\/strong>October jobs and inflation data might not be released. <\/strong>White House press secretary Karoline Leavitt told reporters that part of the fallout of the government closure could be lasting damage to the government’s data collection ability<\/a>. But analysts think otherwise.<\/p>\n U.S. House of Representatives heading toward a vote.<\/strong> The House on Wednesday night stateside cleared a procedural hurdle<\/a> required before the vote could begin on a bill that would end the government shutdown. Voting is expected to happen as of publication time.<\/p>\n [PRO] This U.S. mining stock is a top play: CIO. <\/strong>U.K. fund <\/strong>Blue Whale Capital’s Stephen Yiu said macroeconomic concerns, such as the\u00a0U.S. fiscal deficit<\/a> and the weakness of the dollar, could support the stock<\/a>.<\/p>\n