Stock market today: Dow notches fresh record, Nasdaq slides as Tesla sinks, semiconductors extend decline

💡 The Dow Jones Industrial Average hit a fresh record, but the Nasdaq Composite slipped as Tesla Inc. tumbled and semiconductor stocks continued their decline.

The Dow Jones Industrial Average notched a fresh record on Wednesday, but the Nasdaq Composite slid as Tesla Inc. tumbled and semiconductor stocks continued their decline. The Dow's milestone came as investors digested a slew of quarterly earnings reports from major corporations, including those in the tech and semiconductor sectors.

Dow Hits New High

The Dow Jones Industrial Average rose 1.2% to 35,441.12, while the S&P 500 index added 0.8% to 4,634.48. The Nasdaq Composite, however, fell 2.1% to 14,894.93 as $TSLA plummeted 7.3% to $695.11.

Tesla Sinks

Tesla Inc.'s shares plummeted 7.3% to $695.11 after the electric vehicle maker reported a wider-than-expected loss in the second quarter. The company's revenue also fell short of analysts' estimates, largely due to supply chain disruptions and production hiccups.

Semiconductor Stocks Extend Decline

Semiconductor stocks continued their decline, with $NVDA falling 5.1% to $640.49 and $TXN dropping 3.5% to $185.23. The sector has been under pressure in recent weeks due to concerns over a potential recession and slowing demand for chipsets.

What It Means for Investors