What’s going on here?
The Nasdaq Composite hit a record high thanks to a surge in chip stocks, while the Dow Jones and S&P 500 saw slight declines.
What does this mean?
The Nasdaq rose 0.16%, driven by gains in Nvidia, Intel, and other chipmakers, with the Philadelphia Semiconductor Index jumping 1.5%. On the other hand, the S&P 500 and Dow Jones Industrial Average slipped by 0.05% and 0.21%, respectively. Investors are now focused on key inflation reports, with the Consumer Price Index data due Thursday and the Producer Price Index data expected Friday. Federal Reserve Chair Jerome Powell will also testify before the US Senate and House committees on July 9 and 10, adding to the market’s anticipation. This comes amid mixed corporate performances: Boeing’s shares rose 0.8% after settling a 737 MAX case, while Alphabet and Amazon saw declines.
Why should I care?
For markets: Boosted by semiconductors.
Chip stocks propelled the Nasdaq to…
