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Dow Jones Industrial Average Closes at Record High, But S&P 500 and Nasdaq Ease on Chip Weakness

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Jerry Kronenberg wrote a column · Aug 26 15:18
The $Dow Jones Industrial Average (.DJI.US)$ rallied to a record-high close Monday, although the $S&P 500 Index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ sank as geopolitical tensions and tech weakness ahead of Nvidia's earnings later this week weighed on Wall Street.
The DJIA gained 65.44 points (0.2%) to a record 41,240.52 finish, brushing off the tech weakness that dragged down the market's other key indexes. The Nasdaq Composite shed 152.03 points (0.9%) to a 17,725.76 ending, while the S&P 500 gave up 17.77 ticks (0.3%) to 5,616.84.
Weak chip stocks helped drive the IXIC and SPX lower, led by an 8.3% decline in $Super Micro Computer (SMCI.US)$. $Micron Technology (MU.US)$ likewise fell 3.8%, while $NVIDIA (NVDA.US)$ shed 2.3%.
Chip names apparently eased amid uncertainty as to whether Nvidia's earnings later this week will live up to Wall Street's lofty expectations.
Adding to Wall Street's worries, West Texas Intermediate oil for October delivery shot up 3% to $77.05 amid an output shutdown in Libya and weekend military action between Israel and Lebanon-based Hezbollah. Mideast tensions typically send oil prices higher on worries about production interruptions.
Among individual stocks of note, companies that saw significant moves Monday included:
-- $PDD Holdings (PDD.US)$, which sank 28.5% after its quarterly earnings missed analyst forecasts.
-- $Icahn Enterprises (IEP.US)$, which fell 11.5% after disclosing in a securities filing that it plans to sell as much as $400 million of additional investment units.
-- $SolarEdge Technologies (SEDG.US)$, which shed 9.2% on word of a management shake-up that includes CEO Zvi Lando's departure.
-- $XPeng (XPEV.US)$, which added 7.1% after the EV firm's Chief Executive He Xiaopeng and a company he owns bought more than 2 million additional shares.
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Jerry Kronenberg
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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