Dow Jones Hits Record High, Up 0.5% on August 5; Nvidia Surge Offsets Tech Selloff

According to EdailyNews, on August 5, U.S. stock indices showed mixed performance. The Dow Jones Industrial Average rose 0.5% to mark its fifth consecutive gain and a new all-time high, while the S&P 500 fell 0.2% and the Nasdaq declined 0.8%.

Nvidia surged 4% after SpaceX CEO Elon Musk announced the company would exclusively use Nvidia processors for AI infrastructure. However, this boosted the Dow while weighing on the Nasdaq, where AMD fell 6% amid the news and underwhelming guidance, and Alphabet declined 4% following its AI restructuring. SpaceX saw the largest decline among major stocks, falling 13% after reporting second-quarter capital expenditures of $18.4 billion, triple market expectations.