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US stocks closed mixed, Nasdaq hit a new high

US stocks ended today’s trading mixed. The Dow Jones Industrial Average, which includes the stocks of 30 leading US companies, fell 0.36 percent to 51,863.69 points. The broader S&P 500 index remained nearly unchanged at 7,764.64 points, while the tech-heavy Nasdaq Composite index rose 0.45 percent to 27,244.28 points, closing at a new record high.

AI Rally and Strong AutoZone Earnings Boost Tech Stocks

Shares of chipmaker Micron Technology and other artificial intelligence (AI) companies contributed significantly to the Nasdaq’s gains. Shares of auto parts retailer AutoZone also rose sharply after its quarterly profit beat analysts’ expectations. Furthermore, company CEO Phil Daniele expressed optimism regarding future sales growth.

However, shares of some oil companies weakened due to falling oil prices. Bank stocks also headed lower, with shares of JPMorgan Chase, the largest bank in the United States by assets, dropping more than three percent. In the foreign exchange market, the US dollar strengthened today. Against a basket of major currencies, it climbed to its highest level since late July before giving up some of those gains. Around 10:00 PM CEST, the euro was down about 0.1 percent against the dollar, trading near $1.1450.

US Dollar Hits Multi-Month High on Rate Hike Expectations

The dollar has recently benefited from prospects of further interest rate hikes in the United States. The US Dollar Index, which measures the value of the greenback against a basket of six major world currencies, was up about 0.1 percent around 10:00 PM CEST, sitting near 100.50 points. During the day, it rose as high as 100.70 points, its highest level since July 30, Reuters reported.

The US Federal Reserve (Fed) last week raised its benchmark interest rate by a quarter of a percentage point to a range of 3.75 to 4.00 percent. Officials also signaled that they expect further rate increases in the coming months.