Stock market today: Live updates

The Dow Jones Industrial Average rose to a record high Tuesday thanks to strong gains in Home Depot, while the Nasdaq Composite struggled as Nvidia led the chip sector lower.

The 30-stock average traded 123 points higher, or 0.3%. The Nasdaq, however, shed 1.1%, while the S&P 500 lost 0.3%.

Shares of several big-name chipmakers declined during the session, putting pressure on the Nasdaq and S&P 500. Nvidia shares dropped 2%, while Advanced Micro Devices and Broadcom slipped more than 4% and 2%, respectively. The VanEck Semiconductor ETF shed 1%. Other major tech-related names such as Tesla, Meta Platforms and Netflix were also under pressure.

Home Depot shares rose 3.7%, driving the price-weighted Dow, after the home improvement giant maintained its full-year outlook. To be sure, its second-quarter earnings came in below expectations. Investors await earnings from Lowe’s, Walmart and Target set to release later this week for insight on how the consumer is faring amid a mixed inflation outlook and evolving U.S. trade policy.

Wall Street is also looking for clues from Powell as to what will happen at the central bank’s remaining policy meetings this year. Central bank officials from around the globe will convene this week in Jackson Hole, Wyoming for the Fed’s annual economic symposium.

The fed funds futures market is indicating an 83% chance for a quarter-point rate cut at the Fed’s next policy meeting in September, according to CME’s FedWatch tool.

Tuesday’s moves come after a mostly quiet session. The S&P 500 closed less than 1 point lower Monday, sitting inches below a record high reached last week.

“Friday’s Jackson Hole speech is likely an inflection point for markets as we believe Jerome Powell will signal that rate cuts are likely at the upcoming September meeting,” said Stephen Schwartz, founding partner of New York-based wealth management firm Pioneer Financial.

“Over the near-term, we believe the stock market is fairly valued, even with its massive gain from the April lows,” Schwartz added. “Valuations may even have more room to expand as we move into the back half of 2025 as investors will at that time start to price-in at 2026 earnings, which are expected to improve thanks to the potential for lower interest rates and improved tariff policy clarity.”