Stock market news, chipmakers lift Nasdaq to record high

US stocks were mixed on Tuesday as the Dow Jones Industrial Average slid on weak corporate earnings and the Nasdaq rose to a record high thanks to gains in chipmaker stocks.

Texas Instruments jumped by 7.5% after surpassing second-quarter earnings expectations and assuring investors that the decrease in microchip demand from the trade war would not last as long as previously expected. Other chipmakers including AMD, Qualcomm, and Intel rose as much as 3% on the news. The iShares PHLX Semiconductor ETF, which tracks major chipmakers, increased by 3.05%.

Here’s a look at today’s closing numbers:

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Caterpillar fell by as much as 5% on Tuesday after its second-quarter earnings report signaled slower growth in China due to the trade war with the US. The company is one of the 30 stocks in the Dow and as a maker of large industrial equipment, its earnings are often used as a barometer of the global economy’s strength.

Hasbro posted better-than-expected 2Q earnings, fueled by the toy maker’s partnership to make action figures for Disney’s Marvel Studios. Shares rose as much as 9% on Tuesday to an all-time high.

Snap Inc. soared as much as 16% after it recorded its strongest user growth since 2016 during the second quarter of 2019. Several Wall Street banks increased their price targets for the stock based on a better outlook for its ad business.

Within the S&P 500, these were the largest gainers:

And the largest decliners:

The Communications and Financials sectors saw the biggest increases in the S&P 500 index on Tuesday. Consumer staples fell by 0.58%.

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