Dow Hits Record 54,349 as Nasdaq Drops 0.8% on Tech Slump
Updated
Updated · The Associated Press · Aug 5
Dow Hits Record 54,349 as Nasdaq Drops 0.8% on Tech Slump
3 articles · Updated · The Associated Press · Aug 5
Summary
263-point Dow gains pushed the index to a record 54,349.12, but the S&P 500 slipped 0.2% and the Nasdaq fell 0.8% as Wall Street finished mixed near all-time highs.
A 4% drop in Alphabet and a 1.1% fall in Microsoft weighed on tech, while SpaceX sank 13.6% after its first public quarterly report showed sharply higher AI spending.
Earnings still supported the broader market: Disney rose 3.6% after beating profit forecasts, and Booking Holdings jumped 6.6% on strong travel demand.
Brent crude held near $79.45 a barrel as investors watched Trump's comments that a deal to reopen the Strait of Hormuz could come soon, though the five-month Iran conflict still clouds inflation and Fed policy.
Three-quarters of S&P 500 companies have reported, and Wall Street expects roughly 50% profit growth overall, with Friday's July jobs report the next major test for markets.