The Dow Jones Industrial Average closed at a historic record high of 54,349.12 points on Wednesday, gaining 263.24 points or 0.49% to secure its fifth consecutive session of growth. Wall Street traded with mixed results as profit-taking in technology shares weighed on the broader market.
The S&P 500 slipped 12.97 points or 0.17% to 7,723.55 points, ending a four-day winning streak slightly below recent record highs. The Nasdaq Composite experienced the sharpest decline, dropping 221.554 points or 0.83% to finish at 26,363.439 points.
Technology movements and company earnings
Nvidia stock surged 4% after Elon Musk stated that SpaceX will exclusively use Nvidia processors for its artificial intelligence infrastructure. In contrast, SpaceX shares plunged 13% following the release of its first quarterly financial results as a public company, which showed capital expenditures rising to $18.4 billion.
Other major technology companies also faced pressure during the session. Advanced Micro Devices fell 6% even though its adjusted earnings slightly exceeded analyst expectations. Alphabet stock dropped 4% following an announcement that it is restructuring its artificial intelligence divisions and that chief scientist Jeff Dean is leaving after 27 years.
Market sentiment and geopolitical factors
Overall market sentiment remained positive despite the technology sector pullback. Investors monitored diplomatic contacts between the United States and Iran regarding the opening of the Strait of Hormuz, which provided stability to energy markets and boosted investment confidence.
Additional corporate and economic updates
Passenger traffic at Athens International Airport increased 4.7% in July, with 3.93 million passengers passing through the airport.
Microsoft revealed that the majority of its artificial intelligence revenue is generated through its partnership with OpenAI.
ADAK (AETF) reported a net share price of 66.9948 euros and total assets of 105.5 million euros.
PayPal announced sweeping changes to its growth strategy under new chief executive officer Enrique Lores.
