DJIA Closes at Record High, But S&P 500 and Nasdaq Ease | Wall Street Today
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.
Conversely, 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 among uncertainty as to whether Nvidia's earnings later this week will live up to Wall Street's lofty expectations.
MACRO
Adding to the market's worries, West Texas Intermediate oil for October delivery shot up 3% to $77.09 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.
MOOVERS
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 the includes CEO Zvi Lando's departure.
-- $XPeng (XPEV.US)$, which added 7.1% after Chief Executive He Xiaopeng and a company he owns bought more than 2 million additional shares.
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See this link for more information.
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