Stock Market Today: Dow, S&P 500 ride Nvidia surge to close at fresh record highs

Investing.com-- The S&P 500 and Dow notched closing record highs Tuesday, shrugging off signs of consumer worries about the economy as Nvidia led an ongoing rally in tech.The rally in Nvidia comes despite recent media reports that the chipmaker has stopped taking orders for its H20 chips to comply with the U.S. export ban on semiconductor equipment to China.Worries about the the jobs and inflation were the biggest concerns among consumers, according to the survey.

U.S. Federal Reserve Governor Michelle Bowman said Tuesday the Fed would have to proceed with caution on further rate cuts as components of inflation were still"uncomfortably above" the Fed's 2% target. Minneapolis Fed President Neel Kashkari said he expected the Fed to slow its pace of future rate cuts after a strong start to the easing cycle, while Atlanta Fed President Raphael Bostic said the economy was nearing normalization faster than expected, although he did not expect the Fed to go on a “mad dash” to cut rates.

The aerospace giant's latest offer includes a 30% general pay bump over four years as well as improvement in retirement benefits and an increased ratification bonus if the workers accept the proposal by Friday. Boeing said it was its"best and final" offer.) stock rose 0.5% despite former President Donald Trump, the Republican presidential candidate, on Monday threatened the agricultural manufacturer with a"200% tariff" if it moves some production to factories in Mexico.

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