Markets kicked off the third quarter on an uneven note Wednesday, with the Nasdaq bearing the brunt of the selling pressure as investors reshuffled their portfolios heading into the second half of 2026. The tech-heavy index dropped 1.52% to close at 26,323.67, while the S&P 500 edged down a modest 0.14% to 7,465.06. The Dow Jones Industrial Average managed to hold its ground, essentially flat at 51,910.89.
The standout story of the session was Meta Platforms, which rocketed 8.81% to $612.91, bucking the broader tech selloff in dramatic fashion. The move added significant weight to the Dow and helped cushion the S&P 500 from deeper losses. Without Meta's outsized gain, the broader market picture would have looked considerably worse.
Nvidia, by contrast, continued to face headwinds, slipping 1.25% to $197.58. The decline reflects a cautious tone around AI chip valuations as the market transitions into a new quarter and investors reassess stretched positions in the semiconductor space.
Gold remained a key focus for risk-off watchers, holding firm at $4,046.95 per ounce — a level that underscores persistent demand for safe-haven assets even as equities hover near historically elevated levels. The Russell 2000 also dipped 0.38% to 2,981.23, suggesting small-cap appetite remains subdued.