NEW YORK — Most U.S. stocks fell, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology sent indexes to more record highs. The S&P 500 rose 0.2% Thursday after a day of drifting between shallow gains and losses, beating the all-time high it set the day before. The Nasdaq composite climbed 0.3%, also setting another record. The Dow Jones Industrial Average fell 0.2%. Chipmaker Broadcom soared 12.3%.
It followed a surprising update from Wednesday that showed inflation at the consumer level was lower than expected. Federal Reserve Chair Jerome Powell called that report encouraging and said policymakers need more such data before lowering their main interest rate from the most punishing level in two decades.
Companies whose profits are most closely tied to the strength of the economy lagged the market Thursday following the reports, such as industrial companies and oil-and-gas producers. Broadcom’s stock price has jumped so high, to nearly $1,700, that it will soon give nine shares for every one that investors already hold in hopes of lowering the price and making it more affordable. It follows a similar move by Nvidia, which has become the poster child of the AI rush and seen its total market value top $3 trillion.
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