IBM shares plunged after a profit warning, dragging the Dow Jones Industrial Average down 0.19% to 52,401.14 even as the broader market rose. The S&P 500 gained 0.26% to 7,535.12 and the Nasdaq Composite climbed 0.81% to 26,083.42, lifted by tech strength and cooler-than-expected inflation data that eased bond yields. IBM CEO Arvind Krishna said customers are diverting investments to hardware such as servers, storage, and memory, hurting the company's software and infrastructure businesses. The warning weighed on the Dow despite strong earnings from bank stocks like JPMorgan Chase and Goldman Sachs, while Tower Semiconductor and CleanSpark jumped on company-specific news.
CleanSpark Inc
JPMorgan Chase & CoInternational Business MachinesCEO said customers are diverting investments to hardware, hurting IBM's software and infrastructure businesses.
Goldman Sachs Group Inc
Tower Semiconductor Ltd