US: Nasdaq lifts to fresh record while Dow retreats

GAINS by several large tech companies pushed the Nasdaq to a fresh record Monday, on an overall mixed day for US equities as weakness at JPMorgan Chase dragged down the Dow.

Microsoft climbed 1.2 per cent as it unveiled new PC offerings that feature generative artificial intelligence tools built directly into its Windows operating system.

Chip giant Nvidia also advanced ahead of its earnings release due later this week.

But JPMorgan slumped 4.5 per cent, with analysts attributing the decline to CEO Jamie Dimon signaling he is closer to retiring from the US banking giant.

The tech-focused Nasdaq Composite Index rose 0.7 per cent to 16,794.87, topping last week’s record.

The Dow Jones Industrial Average, meanwhile, slid 0.5 per cent to 39,806.77, while the broad-based S&P 500 edged up 0.1 per cent to 5,308.13.

Besides Nvidia earnings, this week’s calendar includes Federal Reserve minutes from the May 1 meeting.

“It’s a mixed session,” said Peter Cardillo, of Spartan Capital. “I kind of think it’s going to be this way until some new catalyst.”

Results from some leading retailers, including Target and Lowe’s, are also on this week’s plate. Strong results from Walmart last week added to market momentum.

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Among other equities, tech company Jabil shot up 5.2 per cent after announcing that Michael Dastoor was promoted from chief financial officer to chief executive officer. The company also confirmed its profit forecast. AFP