Dow up 213.67, Nasdaq down 272.63 as Anthropic spending weighs

The session showed a clear split: the Dow benefited from a drop in oil prices tied to hopes for diplomatic progress in the war with Iran, and fell further supported by lower long-term interest rates and a solid ISM manufacturing reading. The Nasdaq, by contrast, turned lower as Anthropic's disclosure of a sharp third-quarter revenue jump came alongside massive spending planned over the next several years, which appeared to revive worries about heavy AI investment and hit high-tech shares. Sector rotation continued throughout the day, with consumer services up while semiconductors and semiconductor equipment and energy declined.

Individual names reflected the same tension. Marvell Technology agreed to acquire Lumentum Holdings in a $115 billion deal, the largest in high tech, and both stocks fell on caution. Oracle announced a bond and equity issuance plan aimed at raising $20 billion and declined, while Meta Platforms fell on a report it is considering raising more than $20 billion through a bond issuance. Marriott International rose after third-quarter adjusted earnings per share beat expectations on broad demand in Asia and North America and successful price increases, and it raised its full-year outlook. EchoStar rose on a report that Space Exploration Technologies is in talks to acquire its Boost Mobile unit or gain access to its network. Palantir reported third-quarter results after the close, with fourth-quarter revenue guidance above expectations, and was bought in after-hours trading.