US Stock Market Sees Mixed Day as Nasdaq Reaches Record High
The US stock market had a mixed day on Tuesday, with the Dow and S&P 500 experiencing slight declines while the Nasdaq reached an all-time high.
The Dow Jones Industrial Average fell 184.94 points, or 0.36%, to 51,863.89, while the S&P 500 dropped 0.43 points, or 0.01%, to 7,764.27. In contrast, the Nasdaq Composite rose 121.15 points, or 0.45%, to 27,243.24.
The gains in the tech sector were led by AI-related stocks, with Micron Technology rising 3.9% and SanDisk surging 7.2%. However, some consumer-focused software companies declined as investors assessed the impact of Meta Platforms' new AI assistant, Muse, which can send emails and carry out transactions on a user's behalf.
The launch of Muse has sparked concerns that it could disrupt retailers, online brokerages, and other consumer businesses. Amazon blocked Muse from shopping on its platform on Monday, citing potential risks to users. 'There are a lot of tech stocks that are down today on Muse-related fears of one sort or another,' said Jed Ellerbroek, portfolio manager at Argent Capital Management.