Dow closes at new record high on rate cut rally: Here's what's next for Wall Street

US stocks closed mixed on Monday as investors awaited key earnings reports and economic data later in the week. The Dow closed at a new record high of 41,241, while the S&P 500 fell and the Nasdaq Composite lost ground. Market sentiment has shifted, with hopes that the Federal Reserve will cut interest rates next month. Federal Reserve Chair Jerome Powell’s comments at an economic summit suggested that a rate cut is imminent. Investors are now focused on Nvidia, which is set to report earnings on Wednesday. The chipmaker has been a major benefactor of the AI boom.