CNBC Daily Open: Record high U.S. stocks as investors rotate out of tech

Market Performance - 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 interest rate cut [1] Company-Specific Developments - Oracle shares fell nearly 11% after reporting weak quarterly revenue, increased capital expenditure, and long-term lease commitments, negatively impacting AI-related stocks like Nvidia and Micron [2] - Broadcom's shares dropped 4.5% in extended trading despite beating Wall Street's earnings and revenue expectations, as concerns arose regarding its largest customer, Google, potentially producing more chips in-house, alongside rising memory prices affecting margins [3] Sector Rotation - The tech-heavy Nasdaq Composite declined by 0.26%, indicating a rotation of investor interest from technology stocks to other sectors, with the S&P 500 financials sector achieving a new record, driven by gains in Visa and Mastercard [4] Economic Outlook - 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 upcoming holiday season [5]