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Stock market today: Nvidia, Nasdaq reach record highs as AI rally continues

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Nasdaq Composite News

Nvidia,Dow Jones Industrial Average

Wall Street is starting the holiday-shortened week in a muted mood as the wait for the Fed's favorite inflation data begins.

The tech-heavy Nasdaq Composite reached a new high on Tuesday, breaching 17,000 for the first time as AI darling Nvidia continued its post-earnings tear to also reach a record of $1,140 a share. The benchmark S&P 500 finished the day just above the flatline, while the Dow Jones Industrial Average 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.

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. Read more: How does the labor market affect inflation? In other individual movers, GameStop stock soared nearly 25% on Tuesday.

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