US stocks opened lower on Thursday, extending a bout of market rotation that has recently powered the Dow Jones Industrial Average to record highs.

The Dow slipped 72 points, or 0.2%, in early trade after briefly touching an all-time high above 48,000 on Wednesday.

The S&P 500 fell 0.5%, while the tech-heavy Nasdaq Composite dropped 0.9%, as investors moved out of growth and technology stocks into more value-driven sectors.

Disney was among the biggest drags, sliding 8% after mixed fourth-quarter earnings disappointed Wall Street. The decline weighed on sentiment across the broader market, especially in media and entertainment names.

“The market has rebounded strongly from April’s lows, but the story now is one of broadening participation. Lower short-term rates are helping small caps

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