Wall Street’s hot streak finally cooled off. The Dow Jones Industrial Average dropped roughly 343 points on August 6, falling 0.63% to close near 54,005, ending a six-session run of gains that had carried all three major indices to fresh records.

The S&P 500 and Nasdaq Composite weren’t spared either, with both declining approximately 0.4%.

What drove the selloff

The damage was spread unevenly across sectors. IBM led the decliners, dropping 1.89%, while UnitedHealth shed 1.06% and Cisco fell 0.86%.

Not everything was red, though. Disney climbed 1.71%, Nvidia added 1.62%, and Merck gained 1.33%.

The recent rally had been fueled in part by easing geopolitical tensions between the US and Iran, which pushed oil prices lower. President Trump’s diplomatic shift on Iran had been one of the key narratives underpinning the market’s confidence over the past week.

Where crypto fits into the picture

Bitcoin was trading near $64,500 on the same day, holding relatively steady while equities wobbled. There was no obvious direct link between the stock market pullback and crypto prices.

What this means for investors

The Dow closed near 54,005 after hitting a record of 53,178 just three days earlier on August 3, meaning the index is still trading well above its most recent all-time high even after the pullback.