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The tech-heavy Nasdaq Composite (^IXIC) reached a new high on Tuesday, breaching 17,000 for the first time as AI darling Nvidia (NVDA) continued its post-earnings tear to also reach a record of $1,140 a share.
The benchmark S&P 500 (^GSPC) finished the day just above the flatline, while the Dow Jones Industrial Average (^DJI) drifted about 0.6% lower, shedding more than 200 points.
The major gauges are regrouping after a volatile week as traders return from the Memorial Day break. Stocks have been buffeted back and forth by two impulses: fading optimism for rate cuts on one hand, and high hopes for AI on the other.
Investors are now firmly back on inflation watch, counting down to the release of the Federal Reserve’s preferred PCE gauge on Friday. Fed officials have sent out a drumbeat of warnings that data must show real cooling in inflation to trigger a policy shift, with Neel Kashkari the latest to join them.
On other individual movers, GameStop (GME) stock soared nearly 25% on Tuesday. The games retailer on Friday said it had brought in not far off $1 billion from a share sale during the meme rally earlier in May. Meanwhile, Apple (AAPL) rose following data showing iPhone sales in China jumped over 50% in April as retail partners cut prices.
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