US Markets Show Mixed Moves: Dow Hits Record While Nasdaq-100 Slides

US equities are navigating a tightrope between earnings releases, Middle East geopolitical developments, and labor market data. The Dow Jones +0.49% reached a historic high, while the Nasdaq‑100 slipped -0.83%.

Dow’s Record High and S&P 500’s Modest Gain

■Dow Jones Industrial Average (YM=F) futures rose +0.2%, breaking past the red line to set a new record.

■S&P 500 (ES=F) futures edged up +0.1%, though volatility remains elevated.

■Jobless claims and the Challenger, Gray & Christmas report indicate that July layoffs have fallen to the lowest level in two years.

Nasdaq‑100’s Slide: AI Stock Tension

■Nasdaq‑100 (NQ=F) futures fell -0.6%; high valuations and uncertainty around AI capital requirements hit AMD, SanDisk, and Western Digital hard.

■AMD (AMD) shares dropped -7.04%, leading the decliners.

■SanDisk (SNDK) and Western Digital (WDC) also fell in the %5‑%7 range.

Strategic Aerospace‑Chip Alliance: SpaceX and Nvidia

■SpaceX (SPCX) shares linger near all‑time lows; the expiration of its lock‑up period adds pressure for insider sales.

■Nvidia (NVDA) stock jumped +3% after SpaceX announced it will exclusively use Nvidia chips.

Global Geopolitics and Commodity Markets

■Gold (GC=F) prices sit at multi‑week highs, buoyed by geopolitical uncertainty.

■Oil (BZ=F) steadied around $80 per barrel as Iran and Oman reached a temporary shipping route agreement through the Strait of Hormuz.

■Iranian Foreign Ministry spokesman Esmail Baghaei said the deal will proceed “provided certain third parties do not obstruct the process.”

Employment and Labor Market Indicators

■The Challenger, Gray & Christmas report shows July layoffs at a two‑year low.

■Initial jobless claims set the stage for Friday’s July employment report.

Markets are cautiously balancing on the edge of AI‑driven cost pressures and lofty valuations. Nvidia’s strategic partnership with SpaceX mitigates asymmetric risks in the chip supply chain, while the decline in AMD and other AI‑centric stocks underscores investors’ focus on cash flow and capital efficiency. The forthcoming Strait of Hormuz agreement could cap energy price volatility, yet geopolitical risk remains elevated. In this context, short‑term swings are inevitable; however, the longer‑term re‑shaping of the semiconductor supply chain and capital flows toward AI infrastructure will redefine market dynamics.