Stock market today: Dow closes at a record even as losses for Big Tech pull S&P 500 and Nasdaq lower

The Dow Jones Industrial Average closed at a record high on Wall Street, even as losses for Big Tech companies pulled the S&P 500 and the Nasdaq composite lower. The Dow edged up 0.2% Monday, enough to beat the all-time high it set last month. The S&P 500 lost 0.3%. and the Nasdaq composite pulled back 0.9%. The mixed trading came at the start of a week featuring another full slate of corporate earnings and the government’s latest inflation reading.

The price of U.S. crude oil jumped 3.5% after Israel and the Lebanese militant group Hezbollah traded heavy fire on Sunday, triggering potential supply worries. Semiconductor company Nvidia reports its latest financial results on Wednesday. It has been a big beneficiary of Wall Street’s mania around artificial intelligence, becoming one of the stock market’s most massive companies, with a total value topping $3 trillion. Its stock slipped 2.1% Monday, but it is up 155% for the year.

Inflation has been steadily easing and economists polled by FactSet expect the latest PCE data to show a 2.6% inflation reading. The PCE was as high as 7.1% in the middle of 2022.

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