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Stocks declined Tuesday as traders braced for a potentially tough month ahead after a strong but volatile August.
The 30-stock index ended a dipsy-doodle day with a hefty gain of 228.03 points to finish off the week at 41,563.08. The Dow touched a fresh all-time high in the final minutes of the trading session and closed at another record.
The S&P 500 hiked 56.44 points, or 1%, to 5,648.40.
The NASDAQ galloped 197.19 points, or 1.1%, to 17,713.62.
Stocks felt downward pressure as Nvidia, the high-flying artificial intelligence darling that has captured investor attention for more than a year, dropped more than 4%. It was one of several semiconductor stocks including Micron, KLA and Advanced Micro Devices seeing declines in the session.
Tuesday’s moves kick off the new trading month after the three major averages finished August with gains. U.S. markets were closed Monday due to the Labor Day holiday.
Investors will get their first major economic report of the month on Friday, when the U.S. government releases the August jobs report. Wall Street will also have to contend with seasonal headwinds, as September has been the worst month on average for the S&P 500 over the last 10 years.
Prices for the 10-year Treasury faltered, raising yields to 3.84% from Friday’s 3.91%. Treasury prices and yields move in opposite directions.
Oil prices skidded $2.56 to $70.99 U.S. a barrel.
Gold prices settled $14.00 to $2,513.60
