Dow Hits Record High Amid Tech Weakness and Oil Price Drop

The Dow Jones Industrial Average hit a record high on Tuesday, driven by strong performance from industrial and bank stocks. The S&P 500 and Nasdaq 100 indices slipped, however, as tech-related stocks underperformed.

Brent crude futures fell to their lowest level since March, with prices dropping below $80 per barrel. This decline in oil prices contributed to the gains in industrials and materials stocks, which were boosted by cooling inflation worries ahead of the Federal Reserve's rate decision due on Wednesday.

Caterpillar led the Dow higher, rising more than 2%, while JPMorgan Chase was a standout among banks with a gain of over 3%. SpaceX stock continued its impressive run since listing last Friday, surpassing Microsoft and Amazon in market capitalization at one point during trading.