The Dow Jones Industrial Average closed at a fresh record on Tuesday, finishing at 51,999.67, up 328.64 points or 0.64%. It was the index’s second straight record close.

The celebration didn’t extend to the rest of the market. The S&P 500 fell 0.57% to 7,511.35, and the Nasdaq Composite dropped 1.15% to 26,376.34, weighed down by a selloff in technology and semiconductor stocks.

Tech takes profits, value catches a bid

Monday’s session had been a broad rally, fueled by a peace agreement between the US and Iran that sent oil prices lower and gave risk assets a tailwind. Tuesday’s action looked like the hangover.

Investors who rode the momentum into tech names, particularly in the semiconductor space, started locking in gains. Nvidia and its peers bore the brunt of the selling pressure, pulling the Nasdaq down by more than a full percentage point.

SpaceX was also noted as an outperformer during the session, with its share price soaring and marking its position as the fifth-most valuable U.S. company.

What the US-Iran deal changed

The peace agreement between Washington and Tehran, announced over the weekend and celebrated in Monday’s rally, set the stage for Tuesday’s divergence. Lower oil prices tend to benefit manufacturers and transportation companies, sectors that carry significant weight in the Dow.

What this means for crypto investors

Bitcoin was trading around $65,700 during the session, suggesting the largest cryptocurrency was in a consolidation phase of its own.

The distinction between rotation and retreat is critical for crypto traders to understand. A rotation means institutional money is still in the game, just moving between sectors. That’s fundamentally different from a broad de-risking event where capital flows out of equities, out of crypto, and into cash or government bonds simultaneously.