Stock market today: Dow closes at record high, S&P 500, Nasdaq slide as tech lags

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Nasdaq Composite News

Interest Rate Cuts,Dow Jones,Nvidia

Stocks are eyeing a bid for fresh record highs after Jerome Powell made it crystal clear the Fed is ready to pivot to lowering rates in September.

US stocks ended the session mixed as the Dow Jones Industrial Average notched a record high both the other major averages slid while investors weighed the imminent arrival of interest rate cuts and braced for a busy week dominated by Nvidia's earnings report. Shares of the AI chip heavyweight fell along with other semiconductor names. The Dow Jones Industrial Average rose 0.1% to close at a new record high. The S&P 500 slipped 0.3%, while the tech-heavy Nasdaq Composite sank roughly 0.

But with only three Fed meetings left in the year — in September, November, and December — and the August jobs report still to come, Wall Street is wondering when and whether a 0.5% cut is likely. Now, the focus is firmly on Nvidia's earnings report — the marquee event of the week — which will likely determine whether the market mood stays upbeat.

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