Stock market today: Nasdaq touches new record, Dow tries to top 40,000 again

US stocks tilted higher on Monday as the Nasdaq Composite (^IXIC) clinched a record close buoyed by shares of Nvidia (NVDA) ahead of the chipmaker\'s highly anticipated earnings later this week.The broader S&P 500 (^GSPC) index rose 0.1% while the Dow Jones Industrial Average (^DJI) dipped below 40,000, weighed on by a drop in JPMorgan (JPM) shares. The blue-chip benchmark dropped 0.5% following a record close on Friday.Stocks have gained as investors become more optimistic that the Federal Reserve will soon cut interest rates, despite words of caution from policymakers. Even one of Wall Street\'s biggest bears has lifted his forecast for the S&P 500 following record highs.A key question for investors is whether that outlook is sustainable or whether it\'s getting ahead of where the Fed is headed. A key test comes on Wednesday, with the release of minutes from the Fed meeting in May, as Yahoo Finance\'s Josh Schafer reports.On Monday Fed Vice Chair Philip Jefferson and Fed Vice Chair of Supervision Michael Barr pointed to disappointing inflation in the first quarter as a reason for holding rates where they are, allowing more time for restrictive policy to work.Read more: How does the labor market affect inflation?The market is bracing for heavily anticipated quarterly results from Nvidia on Wednesday, eyed as a key catalyst for the rally in stocks. Expectations for the AI chipmaker\'s earnings and revenue are sky-high — for growth of 400% and 240%, respectively — and the focus is on whether it can again live up to the hype.JPMorgan stock slid more than 4% following the bank\'s investment day where CEO Jamie Dimon signaled his retirement may be closer than previously anticipated by Wall Street.At the same time, rallies in commodity markets are fueling fears of a knock-on rise for US inflation. Copper prices on the LME topped $11,000 a ton for the first time, soaring to their highest-ever level as a looming supply shortage draws in investors. Meanwhile, gold prices (GC=F)

jumped to tap an intraday record at around $2,450 an ounce.LIVE COVERAGE IS OVER 15 updates Nasdaq closes at record high, Dow dips below 40,000 level US stocks ended the session mixed on Monday with the Nasdaq Composite (^IXIC) closing at a record high while the Dow Jones Industrial Average (^DJI) fell below 40,000 after closing above the landmark level for the first time on Friday. The tech-heavy Nasdaq Composite climbed about 0.7% as Nvidia (NVDA) shares gained ahead of the chipmaker\'s highly anticipated earnings later this week. The S&P 500 (^GSPC) rose 0.1% while the Dow fell 0.5%. JPMorgan (JP

M) stock weighed on the blue-chip index after the bank\'s investor day. In answer to a question about his retirement, CEO Jamie Dimon signaled it\'s closer than previously anticipated by Wall Street. Dimon said "the timetable isn’t five years anymore." He added succession plans are “well on the way." Microsoft (MSFT) gained about 1% after the company announced a new category of PCs called Copilot+ PCs. The new variety of computers come equipped with so-called AI PC chips and run Microsoft\'s latest version of Windows 11 and its Copilot AI software. Bitcoin (BTC-USD) gained more than 2% over the past 24 hours. The cryptocurrency climbed back above $68,000 per token Monday, a level not seen in over a month. Meanwhile, metals continued their climb, with gold (GC=F) touching a record $2,450 per ounce. Silver (SI=F) rallied to a near 12-year high, rising above $32 per ounce. Copper (HG=F) also hit record highs during Monday trading.S&P 500, Nasdaq hover near highs The markets were sitting near records on Monday. With just 10 minutes left of the trading session, the S&P 500 (^GSPC) was points away from its prior record close from last Wednesday of 5,308.15. Meanwhile the Nasdaq Composite (^IXIC) was on track to top its prior record close of 16,742.39 on May 15. The Dow Jones Industrial Average (^DJI) was down about 0.4% after closing at a record last Friday. The blue-chip index was weighed by JPMorgan (JPM), down 4% following the bank\'s investor day.JPMorgan stock falls 4% during bank\'s investment day, CEO hints at retirement JPMorgan (JPM) stock slid to session lows Monday after CEO Jamie Dimon signaled his retirement is closer than previously anticipated by Wall Street. In response to a question during the bank\'s investment day, Dimon said "the timetable isn’t five years anymore." He added succession plans are “well on the way." Wall Street has long speculated who will take over once Dimon retires and when that may happen. In the past, whenever asked about his retirement, the CEO has joked, "In five years." JPMorgan stock sank to session lows in afternoon trading. The Dow component dragged on the broader blue-chip index, which fell roughly 0.4%.Microsoft debuts new Copilot+ PCs using OpenAI\'s GPT-4o while taking shots at Apple Yahoo Finance\'s Dan Howley reports: Microsoft (MSFT) is going all in on AI for the PC. The company