The Dow Jones Industrial Average hit a new milestone on Monday, reaching a record high despite other major indexes slipping. However, the day saw Icahn Enterprises, led by famed investor Carl Icahn, take a significant dive due to a share offering. Tesla also experienced a decline after CEO Elon Musk hinted at an artificial intelligence initiative, while Nvidia faced a decrease in stock market performance.

The Dow managed to maintain a 0.3% increase, although it retreated slightly from its peak during the day. It currently stands above its short-term moving averages and is nearly 4% higher than its 50-day line. On the other hand, the Nasdaq composite suffered a 1% decline, with Warner Bros. Discovery emerging as one of the few gainers, rising approximately 4%. Conversely, Arm and Super Micro Computer were among the poorest performers on the Nasdaq, with Super Micro plummeting over 8% and Arm dropping more than 5%.

The S&P 500 also experienced a downturn, with a 0.4% decrease. While Dayforce impressed with a nearly 4% rally, Broadcom lagged behind, dipping nearly 4%. In terms of sectors, energy and consumer staples displayed the most gains, while consumer services and technology faced some lag.

In the small caps arena, early gains were given up, but the Russell 2000 managed to fend off the bears and rallied by 0.5%. However, growth stocks took a hit, with the Innovator IBD 50 exchange traded fund falling over 1%.

One of the significant events in the stock market today was the sharp decline of Icahn Enterprises stock following the announcement of a share offering to raise $400 million. The company filed with the U.S. Securities and Exchange Commission, expressing its intention to sell depository units worth up to that value through an "at-the-market" offering program. This news caused Icahn Enterprises stock to plummet by over 13% in afternoon trade, positioning it over 19% below its 200-day moving average. The company plans to utilize the proceeds for acquisitions and general company purposes, with Jefferies serving as the sales agent for the share sale program. This announcement comes after Carl Icahn settled with the Securities and Exchange Commission for failing to disclose billions of dollars worth of personal margin loans tied to the value of his company's stock, resulting in a $2 million fine.

In a separate development, Tesla's CEO, Elon Musk, excited his army of social media followers by sharing a video from inside the company's headquarters, showcasing computer mainframes that he referred to as Cortex. Musk emphasized that this "giant new AI training supercluster being built at Tesla HQ in Austin" aims to solve real-world AI challenges. Although Tesla has been considered an undervalued AI play by industry insiders, the company's stock experienced a dip of nearly 4%, falling below its important 50-day moving average.

Another noteworthy entity in the market today was Shift4, a payment processing company that briefly cleared a cup-with-handle base entry. Although the stock slipped back below this level, it remains an interesting prospect due to average earnings growth of 32% over the past three quarters. Wall Street expects further improvement, with projected earnings per share growth of 33% this year and an additional 29% in 2025. Shift4 is a member of the IBD Sector Leaders list and enjoys significant institutional ownership.

Despite receiving an overweight rating from Morgan Stanley, Nvidia stock fell over 2% ahead of the company's earnings release later in the week. Nonetheless, the stock remains above its 50-day moving average and has seen substantial growth due to its involvement in the artificial intelligence sector. With a new base offering a buying point of 140.76, Nvidia is a member of the IBD Leaderboard list of top stocks.

In other news, new data from the Commerce Department revealed a significant surge in durable goods orders in July, surpassing economist expectations. Orders for new cars and trucks experienced a sharp rebound, rising by 34.8%. However, when excluding the volatile transportation sector, orders only rose by 0.2%. Shipments of core goods, which contribute to GDP, experienced a decline of 0.4%.

Meanwhile, China-based online retailer PDD, the parent company of Temu, faced a significant decrease in stock value following disappointing results. Despite beating earnings estimates, PDD's second-quarter revenue of 97.06 billion yuan fell short of Wall Street expectations. The company cited increasing competition and investment spending, expressing readiness to accept short-term sacrifices and potential declines in profitability. PDD has dropped below its 50-day moving average and its 200-day line with a nearly 25% dip.

Lastly, SolarEdge, a solar energy company, experienced a brief surge in stock value following the announcement of CEO Zvi Lando's departure. However, the initial jump was short-lived, with the stock later dropping by around 5%. SolarEdge's stock has struggled this year, declining by over 71% due to election uncertainties and higher interest rates impacting the solar sector.

As the stock market continues to navigate through various challenges, investors eagerly await upcoming earnings reports and closely monitor the performance of key entities in different sectors.