Business

Nasdaq surges to fresh record high

NYSE traders Image copyright Reuters

The Nasdaq hit a fresh record high on Monday ahead of second quarter results from a host of tech giants.

Google parent Alphabet reported its results after the stock market closed, while Amazon and Facebook are also due to report results later this week.

The tech-focused Nasdaq index added 23.05 points, or 0.36%, to 6,410.81.

The Dow Jones slid 0.31% to 21,513.17 and the wider S&P 500 index dipped 0.11% to 2,469.91.

"The tech sector is the leading sector so far this year," said John Augustine, chief investment officer at Huntington Bank.

He said investors would be looking to tech stock results to "set a positive tone and give positive guidance."

Caterpillar, Ford and ExxonMobil, among others, are also due to report results this week.

But investors remain wary ahead of a two-day Federal Reserve meeting, which begins on Tuesday.

"There isn't much conviction one way or the other right now," Patrick O'Hare of Briefing.com said, noting the week's busy calendar was leaving investors uncertain.

Meanwhile, the Federal Reserve will announce its decision on interest rates at the end of its two day meeting on Wednesday.

The US central bankers are not expected to make any changes, but their accompanying statement may set the tone for future policy for the year.