Key Takeaways:
- Dow closed at a record 54,349.00, up 0.49%, its third straight record close
- Amgen, Goldman Sachs and Nvidia accounted for 79% of the index's gain
- S&P 500 slipped 0.17%; Nasdaq fell 0.83% as tech shares pulled back
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Dow hits record 54,349 as three stocks drive 79% of gain
The Dow Jones Industrial Average closed at a record 54,349.00, up 0.49%, as gains in Amgen, Goldman Sachs and Nvidia offset a pullback in technology shares.
"Corporate profits have been spectacular," said Eric Kuby, chief investment officer at North Star Investment Management.
The S&P 500 slipped 0.17% to 7,723.53 while the Nasdaq Composite dropped 0.83% to 26,363.44. Decliners outnumbered advancers 1.07-to-1 on the NYSE and 1.29-to-1 on the Nasdaq, and the 10-year Treasury yield hovered near 4.63%.
The divergence reflects index mechanics more than broad risk appetite. The July jobs report due Aug. 7 will test whether the rally's rate expectations hold.
Amgen, Goldman and Nvidia Drive 79% of the Gain
Preliminary data show Amgen, Goldman Sachs and Nvidia contributed roughly 207 points, or 78.6%, of the Dow's net increase. Amgen rose about 3.7% after second-quarter sales climbed 9%, while Walt Disney gained 3.6% on a quarterly profit beat. Nvidia advanced 3.43% to $219.22, lifting its market value to $5.31 trillion.
Alphabet dropped 4.03%, shaving 95.2 points off the Dow and nearly offsetting Amgen's contribution on its own. SpaceX slumped 13.61% after its first post-IPO earnings, while Tesla fell 1.77%, Amazon slid 1.72% and Microsoft declined 1.09%.
Payrolls Slip to Year Low as Rate Odds Ease
Private employers added 44,000 jobs in July, the lowest monthly total this year, while the ISM services index came in at 54.1, missing the 54.5 forecast. Traders priced the probability of a September rate increase at 54.9%, down from 58.3% a week earlier. Minneapolis Fed President Neel Kashkari, a 2026 voting member, said the central bank should "start raising" rates gradually.
Adjusted earnings for the S&P 500 have risen 31.1% from a year earlier, with technology sector profits up 72%, according to early data. The Dow has climbed 2,754.86 points, or 5.34%, over five sessions since July 29, though the advance has narrowed. The index touched an intraday high of 54,744.33 before finishing 395.33 points below that level.
Brent crude held near $83 a barrel as Iranian and Omani negotiators completed a draft agreement on the Strait of Hormuz, with Iran seeking transit fees of 5% to 7% of cargo value. A resolution would ease the oil-price pressure that weighed on equities in July.
The record rests on a handful of high-priced constituents, leaving the rally exposed to disappointment from individual stocks. A strong payrolls print on Aug. 7 could push Treasury yields higher and renew expectations for rate increases, while any setback in Middle East negotiations could lift oil prices and inflation.
This article is for informational purposes only and does not constitute investment advice.
[1] Dow hits record high as Nvidia rallies, S&P 500 slips from fresh peak[2] Dow hits record high as tech stocks post gains - UPI.com[3] Dow Jones ends at new high, with three stocks responsible for 79% of rise in early figures[4] US Stocks Close: Dow Hits New High as Nasdaq Falls 0.83%; Tech Stocks Retreat, Gold Stocks Gain; Nvidia Rises 3.43%, SpaceX Falls 13% After Results[5] Why S&P 500, Nasdaq and Dow futures are climbing overnight after record close
