Stock Indexes Wrap: Nvidia, Big Tech Charge Higher as Housing, Consumer Stocks Stumble

The stock market saw a mix of gains and losses today, with big tech companies charging higher while housing and consumer stocks stumbled.

In the Dow Jones index, big tech giants like Salesforce and Microsoft led the charge higher, with gains of 0.8% and 0.7% respectively. However, Home Depot slid 3.6% due to a sell-off of stocks exposed to the U.S. housing market. Boeing also saw a decline of 2.2% after reports that it had altered its offer to reacquire supplier Spirit AeroSystems.

Over in the S&P 500, Carnival Corp. led the index with an 8.9% rise after reporting a surprise second-quarter profit. Nvidia also surged 6.8% after a three-day sell-off, followed by other tech companies like Alphabet and Meta Platforms. However, Pool Corporation tumbled 8% after lowering its full-year guidance amid a slowdown in discretionary spending in the U.S. housing market.

In the Nasdaq 100, core components of the AI ecosystem, including ARM Holdings and ASML Holding, saw gains. On the other hand, consumer stocks like O’Reilly Automotive and Dollar Tree declined.

Overall, the stock market showed a mix of strength and weakness, with certain sectors outperforming while others struggled. Investors will be closely watching these trends in the coming days to see how the market responds to changing economic conditions and company performances.