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Dow notches new record close, tech slumps

Stocks are trading mixed on Monday, with Dow Jones Industrial Average (^DJI) closing a new record high. However, the technology sector is lagging the broader market rebound, with most tech stocks trading in negative territory, though Arm Holdings (ARM) shares surged.

Yahoo Finance's Markets Reporter Jared Blikre breaks down the details.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

Video Transcript

JOSH LIPTON: Stocks ended the day off earlier highs, with the Dow managing to close at a new record high. Jared Blikre is here with a look back at the day's action. Jared.

JARED BLIKRE: Thank you, Josh. I was just checking in on some of the record closing highs for the day. NVIDIA is in there, and we're going to get to that stock in a second. Interesting, because it's well off of its highs, but it did manage a record close, so did the Dow, so did Walmart, and so did, for that matter, industrials. I haven't talked a lot about that, but industrials and homebuilders have been hitting record highs recently. And they notched another one today.

So for sector action, utilities took the number one spot today, that's up about 1.2%, followed by energy, materials, staples, financials, communications services. But it was tech where we saw the most weakness. And we'll get to that in a second. Real estate also underperforming. And it looks like consumer discretionary also ended the day in the red.

And in a day where we talked a lot about market cap and a lot of jockeying for position here, only Nvidia and Meta of the mega-caps managed to close in the green. And just a quick look at the closing market cap numbers here, NVIDIA had shot past Amazon and Amazon briefly today, but it ended up in the same place where it started the day this morning, at least physically in that location.

Let's move on from there. Enough talk about all of that, because we want to get to some of our leaders here. We had Bitcoin flying high today. BITO is my Bitcoin ETF, that's a proxy, but so is GBTC. Each of those up more than 5%. Solar, that's been on fire recently, that has been trending higher. KWEB, that's a Chinese stocks disruptions real-- excuse me, regional banks retail and IPOs. So a lot of different pockets of the market showing strength today, however, not tech.

And let's look at the software sector first. ServiceNow is one of the outliers, down 3%, but just broad, broad weakness. Not a lot of dark red in here, just general weakness. And then, when we take a look at the semiconductor, more green than we did see in the software sector, but-- and that's thanks to some outliers here, like ARM. But nevertheless, a little bit of weakness in semiconductors as well.

Let me just show you this ARM chart here. I'm going to show you some candlesticks with a 3-month chart. This is a stock that has doubled in the last few days, and this is just an incredible range expansion. It's almost behaving like a brand new stock that's just getting discovered by investors. Here is Nvidia, a little bit of a bearish candle, depends on where we close tomorrow. But for a stock that closed at a record high, I'm not going to say too much bearish.

JULIE HYMAN: OK, don't say too much bearish. Thanks, Jared.