CNBC Daily Open: U.S. stocks hit records despite AI-led tech slide

Core Insights - The S&P 500 and Dow Jones Industrial Average reached new closing records, while the Russell 2000 index also hit a new high following the U.S. Federal Reserve's quarter-point rate cut [1] Company Performance - Oracle shares dropped nearly 11% after reporting weak quarterly revenue, negatively impacting AI-related stocks such as Nvidia and Micron [2] - Broadcom's shares fell 4.5% in extended trading despite beating Wall Street's earnings and revenue expectations, as concerns arose regarding their largest customer, Google, potentially shifting to in-house chip production [3] Market Trends - The tech-heavy Nasdaq Composite declined by 0.26%, indicating a rotation of investor interest from tech stocks to other sectors, with the S&P 500 financials sector reaching a new record, driven by gains in Visa and Mastercard [4] - Despite scrutiny on the AI sector, other industries are performing well, supported by a resilient U.S. economy and the recent interest rate cut, suggesting a positive outlook for the holiday season [5]