The major averages closed mixed as more earnings keep flooding in. The Dow Jones Industrial Average rose 179 points or 0.4%. The S&P 500 rose 4 points eking out a new record close. The Nasdaq fell 81 points or 0.39% due to weakness in chip stocks.

Chip stocks were under pressure due to a report by The Wall Street Journal that said SoftBank and OpenAI’s $500 billion AI project has faced difficulties in getting underway and scaled down its near-term plans. Broadcom fell 3%, Nvidia was down 2% while Micron was down 3%. The chip equipment stocks were lower as well.

Defense stocks were weak as well with Lockheed Martin down over 10%. Tobacco giant Philip Morris was down 8% on earnings.

To the upside, the homebuilders had a good day. DR Horton and Pulte Group were up 16% and 11% respectively.

Of the 88 S&P 500 companies that have reported, more than 82% of those topping analysts’ estimates, according to FactSet data.

Bonds were quiet today.

Oil was down a percent today. Gold was up a percent while bitcoin rose 2%.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.