Nasdaq hits record high as most of Wall Street drops

by Jonathan Adams
Wall Street rally

Gains for influential Big Tech stocks helped mask weakness elsewhere, and they pushed the Nasdaq composite 0.8% higher to top its last all-time high set in July

Rallying technology stocks sent the Nasdaq composite to a record on Tuesday, but trading was mixed along the rest of Wall Street as homebuilders and Ford Motor dipped following the latest profit reports.

The S&P 500 gained 0.2% to move closer to its all-time high set earlier this month, even though most of the stocks in the index dropped for the day.

Gains for influential Big Tech stocks helped mask weakness elsewhere, and they pushed the Nasdaq composite 0.8% higher to top its last all-time high set in July. The DJIA, meanwhile, declined 154 points, or 0.4%.

Alphabet gained 1.8% ahead of its profit report that arrived after trading ended for the day. The parent company of Google is the latest member of the group of stocks known as the “Magnificent Seven” to report its quarterly results, and each will have to deliver big growth to justify their high prices.

Other market heavyweight such as Microsoft and Meta Platforms were among the strongest forces pushing the S&P 500 higher.

They helped offset an 8.4% decline for Ford Motor, which said an underlying measure of profit for the full year will likely come in at the bottom end of its forecasted range. The automaker said stubbornly high warranty expenses and other costs are holding back its profits.

JetBlue Airways declined 17.1%. The carrier said its revenue could drop between 3% and 7% in the last three months of 2024 from a year earlier, hurt by this month’s Hurricane Milton and the upcoming U.S. presidential election.

D.R. Horton skidded 7.2% after the homebuilder reported weaker profit and revenue for the latest quarter than analysts expected. Executive Chairman David Auld said some potential home buyers are waiting for mortgage rates to become more affordable and are sitting on the sidelines.

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