The Dow Jones Industrial Average hit a record high, resulting in a mixed closing session for Wall Street's US stock indexes, even though big tech companies carried the majority of the market's weight.
The Dow Jones Industrial Average opened at 41,200.84 with a gain of 25 points from the previous closing of 41,175.08 points. The index recorded a new all-time high level of 41,420.05 points, which was also the day high level of the trading session.
The Dow surpassed its previous high, which was set in mid-July, by rising 0.2 per cent to 41,240.
With Apple and Microsoft being the only two of the most valuable 'Magnificent Seven' stocks in the index, the average is less impacted by big tech. This lessened the impact of the major declines in the technology pack.
The S&P 500 movement
The S&P 500 dropped 0.3 per cent on Monday, staying within 0.9 per cent of its July record high. The index opened at 5,639.66 points with a meagre upside of 5.05 points from the previous closing of 5,634.61 points.
Due to a number of technology companies whose large valuations have a tendency to tip the market, the Nasdaq composite fell 0.9 per cent. Microsoft fell 0.8 per cent, Amazon fell 0.9 per cent, Nvidia lost 2.2 per cent, Meta Platforms lost 1.3 per cent, and Tesla lost 3.2 per cent.
The stock market has been on a winning streak for the past two weeks, which has kept the Dow and S&P 500 close to reaching all-time highs. The week began with a full slate of corporate earnings and the release of the government's most recent inflation report, which coincided with Monday's mixed market finish.
Other triggers for market
Orders for durable goods, including cars, from American factories increased by 9.9 per cent in July, according to a surprisingly positive report released on Monday.
Consumer confidence report is scheduled in the week, and on Thursday, the United States is expected to release an updated estimate of its second-quarter economic growth.
