The Dow Is Down While the Nasdaq-100 Soars. Blame the Chips.
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By Anders Bylund – Apr 24, 2026 at 2:06PM ESTKey PointsIntel crushed its Q1 estimates and hit an all-time high, topping a record that stood since the dot-com era.Nvidia, AMD, and Broadcom are all surging on Intel's news, even though none of them reported earnings or other major news today.Days like this don't fit the Dow's philosophy; it simply doesn't hold enough chip stocks to catch Intel's bullish wave.The major U.S. stock indexes are posting mixed results at midday on Friday, April 24. Semiconductor stocks are driving sharp gains in the tech-heavy benchmarks while the Dow Jones Industrial Average (^DJI 0.27%) lags behind. As of about 1:17 p.m. ET, the Dow is down by 0.3%. Meanwhile, the S&P 500 (^GSPC +0.70%) has tacked on 0.6% and the Nasdaq-100 index is having itself a field day with a 1.8% gain. Same economy, same Friday, very different vibes. ^SPX data by YCharts Semiconductors steal the show The star of Friday's market action is chip pioneer Intel (INTC +21.23%), but in a roundabout kind of way. After crushing analyst estimates in Q1 2026 due to fantastic AI data center orders, Intel's stock is up 21.3% as of this writing. But the stock represents a very small slice of the cap-weighted S&P 500 and Nasdaq-100 lists, and Intel dropped out of the Dow in November 2024. So Intel is setting new all-time highs today, erasing a long-lasting peak from the dot-com era. Even this historic surge didn't move the needle on the major indexes -- not directly, at least. But Intel's muscular report inspired big gains across the semiconductor industry. Longtime Intel rival Advanced Micro Devices (AMD +13.40%) rose 14%, sector titan Broadcom (AVGO +0.38%) gained 11%, and AI chip leader Nvidia (NVDA +4.16%) jumped 5% without any news of its own. That's the market-moving splash effect of Intel's earnings report. ExpandNASDAQ: INTCIntelToday's Change(21.23%) $14.18Current Price$80.96Key Data PointsMarket Cap$335BDay's Range$79.63 - $85.2252wk Range$18.96 - $85.22Volume7.9MAvg Vol100MGross Margin35.24% What this mixed market message means There's a geopolitical angle worth noting, of course. Reports suggest Iran's foreign minister is headed to Pakistan for talks that could restart negotiations with the U.S., and oil prices have dropped about 2.4% on the news. The Dow cares about energy prices more than the tech-heavy Nasdaq-100 does. At the same time, you see far fewer chip stocks among the leading Dow tickers. Nvidia is there, but with a lower weighting in its price-based structure. Days like this one just don't fit the Dow philosophy. The semiconductor sector's strength reflects investor confidence in the ongoing demand for AI-related computing infrastructure. For long-term investors, days like this are a reminder that diversification cuts both ways. You won't capture all of the upside when semiconductors go vertical, but you also won't be fully exposed when the next sector rotation brings a downturn to Silicon Valley. Image source: Getty Images. Intel's results suggest that AI-driven demand remains robust, but the stock's 21% single-day move also illustrates how quickly sentiment can shift when expectations are exceeded. If your portfolio is feeling left out today, check what you own. The market isn't down; it's just being very selective about who gets invited to the party.Read NextApr 24, 2026 •By Daniel Sparks2 Chip Stocks That Have Gone Parabolic This Month.
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