Dow Drives to Fresh Record
The Dow Jones Industrial Average rose to a record high Tuesday thanks to strong gains in Home Depot, while the Nasdaq Composite struggled as Nvidia led the chip sector lower.
The 30-stock average came off its highs of the morning, but remained positive 71.31 points by noon to 44,983.13.
The S&P 500 index drifted lower 20.32 points to 6,428.83.
The NASDAQ wilted 221.14 points to 21,408.64.
Shares of several big-name chipmakers declined during the session, putting pressure on the NASDAQ and S&P 500. Nvidia shares dropped 2%, while Advanced Micro Devices shed more than 4% and Broadcom slipped more than 2%. Other major tech-related names such as Tesla, Meta Platforms and Netflix were also under pressure.
Investors have awaited these reports as they search for clues on how the consumer is faring amid a mixed inflation outlook and evolving U.S. trade policy.
Wall Street is also looking for clues from Powell as to what will happen at the central bank’s remaining policy meetings this year. Central bank officials from around the globe will convene this week in Jackson Hole, Wyoming for the Fed’s annual economic symposium.
The fed funds futures market is indicating an 83% chance for a quarter-point rate cut at the Fed’s next policy meeting in September.
Prices for 10-year Treasury gained ground Tuesday, lowering yields to 4.31% from Monday’s 4.34%. Treasury prices and yields move in opposite directions.
Oil prices ditched 71 cents to $62.71 U.S. a barrel.
Gold prices sank $9.60 cents at $3,368.40 U.S. an ounce.
