Stock Market Today: Dow Hits New Record Closing High
The Nasdaq Composite and S&P 500 finished in the red as semiconductor stocks struggled.


Stocks finished Monday on a mixed note, though one of the three main indexes managed to notch a new record closing high. Following Friday's dovish speech from Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium, all eyes now shift to a key inflation update and Nvidia (NVDA) earnings, both due later this week.
Indeed, the July Personal Consumption and Expenditures (PCE) Price Index will be released ahead of Friday's open. The index measures consumer spending and is the Fed's favorite inflation gauge.
Consumer prices, as measured by the PCE, "likely rose modestly in July from June, with inflation holding steady or edging up a hair in year-over-year terms," says Bill Adams, chief economist for Comerica Bank. However, the economist adds that wage growth probably slowed month-to-month after the July jobs report came in weaker than expected.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Today, an update on durable goods was the main event on the economic calendar. Data from the Census Bureau showed new orders for durable goods surged 9.9% in July vs the month prior. Excluding transportation, new orders were up 0.2%. They were 10.4% higher when excluding defense orders.
"A sharp recovery in jet purchasing fueled substantial progress in durable goods activity in July," says José Torres, senior economist at Interactive Brokers. "Driving the recuperation were transactions for passenger airplanes, which turned positive following June's unfortunate cancellations. Defense aircraft and computers also supported the manufacturing sector."
PDD logs worst day ever after earnings
In single-stock news, U.S.-listed shares of PDD Holdings (PDD) spiraled 28.5% after the Temu parent reported earnings – their worst day ever. While the Chinese online retailer beat on the bottom line, its top-line results fell short of estimates.
Management pointed to "new challenges in changing consumer demand, intensifying competition and uncertainties in [the] global environment," which it believes will continue to impact near-term financial results too.
XPeng pops on insider buying
Fellow Chinese stock XPeng (XPEV) jumped 7.1% today on news the electric vehicle (EV) maker's CEO bought more than 2 million shares. Xiaopeng He is a top stakeholder in XPEV, now owning roughly 18.8% of the company.
In a note released earlier today, CFRA Research analyst Aaron Ho maintained a Hold rating on XPEV. While the analyst expects revenue momentum to continue, there are worries about rising competition in the EV space which could create difficulties for small players like XPeng to expand.
Nvidia stock falls ahead of earnings
In single-stock news, Nvidia fell 2.3% ahead of the chipmaker's second-quarter earning report, set for release after Wednesday's close.
"The company's results and guidance have an outsized influence as it has its finger on the pulse of AI spending," says Louis Navellier, chairman and founder of Navellier & Associates. "In the past NVIDIA has said it can't meet demand, how that narrative changes will be pivotal, as will the timing of their new Blackwell chip."
Nvidia was hardly the only chip stock closing in the red. Weakness was seen across the board, with Broadcom (AVGO, -4.1%), Arm Holdings (ARM, -5.0%) and Marvell Technology (MRVL, -4.2%) among the notable decliners.
The slump in semiconductor stocks weighed on the tech-heavy Nasdaq Composite, which fell 0.9% to 17,725. The S&P 500 (-0.3% at 5,616) also finished lower, while the Dow Jones Industrial Average added 0.2% to 41,240, a new record closing high.
Related content
- Can a President Fix Inflation?
- Should You Buy Nvidia Stock Before Earnings?
- Kiplinger's Earnings Calendar and Analysis
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Alaska Airlines Charts First Non-Stop Transatlantic Route: Seattle to Rome
Alaska Airlines announces its inaugural nonstop flight to Europe, connecting Seattle to Rome starting May 2026, marking a significant milestone in the airline's international expansion.
-
Mint Mobile Is Offering $440 Off Samsung and Google Phones Plus Half Off Unlimited Plans for Two Years
Ready to upgrade your phone? If you switch to Mint Mobile, you can get $440 off that upgrade and lock in two years of ultra low prices on your phone plan.
-
What the HECM? Combine It With a QLAC and See What Happens
Combining a reverse mortgage known as a HECM with a QLAC (qualifying longevity annuity contract) can provide longevity protection, tax savings and liquidity for unplanned expenses.
-
721 UPREIT DSTs: Real Estate Investing Expert Explores the Hidden Risks
Potential investors need to understand the crucial distinction between a REIT's option to buy a Delaware statutory trust's property and its obligation.
-
I'm an Insurance Expert: Yes, You Need Life Insurance Even if the Kids Are Grown and the House Is Paid Off
Life insurance isn't about you. It's about providing for loved ones and covering expenses after you're gone. Here are five key reasons to have it.
-
Stock Market Today: Tesla Drags on Stocks Amid Musk-Trump Feud
Sentiment has soured between President Trump and his once-loyal ally, Tesla CEO Elon Musk.
-
My Professional Advice: When It Comes to Money, You Do You
This is how embracing the 'letting others be' and 'learning to surrender' mindsets can improve your relationship with money.
-
Direct Indexing Expert Explains How It Can Be a Smarter Way to Invest
Direct indexing provides a more efficient approach to investing that can boost after-tax returns, but is it right for you?
-
Stock Market Today: Stocks Brush Off Weak Jobs Data
The yields on the 2-year and 10-year Treasury notes fell sharply after a pair of weak economic reports.
-
What Does It Really Take to Retire Rich?
With enough time and consistency, even an average income can lead to a wealthy retirement.