Stock market today: Dow hits record high while tech shares stumble ahead of Nvidia earnings
US stocks were mixed on Monday with tech shares dragging the S&P 500 and the Nasdaq Composite lower, while the Dow Jones Industrial Average climbed to a record high.
All eyes are on Nvidia earnings as investors gear up for the chip giant’s results on Wednesday after the closing bell.
Wedbush analyst Dan Ives called it the most important week of the year for the stock market as Nvidia’s results will help determine the sustainability of the booming AI trade.
But not all investors think it’s going to be an easy ride for Nvidia stock this week.
“I think that for investors who are just hyperfocused on every minute of what this company is doing, that could be viewed as a slight negative,” Deepwater Asset Manager co-founder Gene Munster said of the reported delay in Nvidia’s next-generation Blackwell GPUs in an interview with CNBC on Monday.
He added: “I think this Blackwell piece is probably the most important x-factor about the quarter, and so that’s why I think the stock is going to trade down modestly.”
Investors will also be keeping a close eye on initial jobless claims set to be released on Thursday, followed by the PCE Index on Friday, which is considered to be the Federal Reserve’s preferred inflation gauge.
That data will help determine how much the Fed cuts interest rates by in September.
“Tomorrow’s consumer confidence figures, Wednesday’s Nvidia earnings, Thursday’s unemployment claims and pending home sales reports and Friday’s Personal Income & Outlays print will certainly move the needle on how far and fast the Fed will go,” Interactive Brokers economist José Torres said in a Monday note.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Monday:
- S&P 500: 5,616.84, down 0.32%
- Dow Jones Industrial Average: 41,240.52, up 0.16% (+65.44 points)
- Nasdaq composite: 17,725.77, down 0.85%
Here’s what else happened today:
- Tesla investor Ross Gerber said he’s been selling the stock because no one wants the company’s cars.
- The Fed has opened the door for a ‘brand new bull market’ in stocks, Wall Street strategist says.
- The starter home is making a comeback as the housing market thaws for first-time buyers.
- Kamala Harris needs to align two key parts of her housing plan if she wants to fix the affordability crisis.
- Here’s what economists are saying about Kamala Harris’ plan to clamp down on food inflation.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil increased 3.06% to $77.12 a barrel. Brent crude, the international benchmark, jumped 2.80% to $81.23 a barrel.
- Gold was higher by 0.34% to $2,554.60 an ounce.
- The 10-year Treasury yield was up two basis points to 3.823%.
- Bitcoin dropped 1.47% to $63,318.
