Stock Market Today: Dow closes just shy of record as earnings season gets underway

Investing.com-- The Dow closed just shy of a fresh closing record despite hitting an all-time on Friday after shrugging off a modest uptick in wholesale inflation as investors digested better-than-expected quarterly earnings from a slew of Wall Street banks.rose 1.1% to close just shy of a record of 40,003 set on May 13, though had earlier hit an intraday all-time high of 40,257.24.

Tech-heavy Nasdaq suffered a setback of nearly 2% on Thursday. This decline was influenced by a shift in investor interest from large-cap stocks to smaller companies amid increasing expectations that the Federal Reserve will slash rates in September. Core PCE, which strips out food and energy, rose 0.4% in June and 3% on the year through June, beating economists' estimates for a 0.2% and 2.5% gain, respectively.

The faster pace of inflation, however, was also overshadowed by data from the University of Michigan showing the U.S. consumer expectations of inflation a year from now fell to 2.9% from 3% previously.UBS said Tesla's valuation is increasingly difficult to justify pointing to a lack of visibility and the risk that growth opportunities including in artificial intelligence will take longer than expected to materialize.

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