US Stocks Mixed: Dow Hits Record High as SpaceX Plunges Over 13%

US stock markets experienced a mixed trading session on Wednesday, even as the Dow Jones Industrial Average continued its upward trend, marking a new record high for the fifth consecutive day. The index gained 263.24 points, or 0.49%, to close at 54,349.12.

However, the broader market saw declines, with the S&P 500 index falling 0.17% and the Nasdaq Composite dropping 0.83%. The Philadelphia Semiconductor Index also retreated, losing 1.40%. Taiwan Semiconductor Manufacturing Company's ADR followed suit, closing down 0.76% at $414.

SpaceX became a notable laggard, with its stock plummeting over 13.6% following the release of its first quarterly earnings report since its June IPO. The company reported a significant sixfold increase in capital expenditure, reaching $18.4 billion, primarily driven by investments in artificial intelligence. This surge in spending exceeded analyst expectations.

Tech giants also faced headwinds. Nvidia's stock rose 3.4%, providing some support to the Dow. However, AMD and Alphabet saw considerable drops. AMD's adjusted earnings slightly surpassed Wall Street's forecasts, but the company's stock fell 7%. Alphabet's shares declined 4% after the company announced a restructuring of its artificial intelligence division and the departure of its chief scientist, Jeff Dean.