Stock market today: Most of Wall Street rises, but cooling AI mania keeps indexes mixed
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
The S&P 500 was virtually unchanged in late trading and still near its record set last week. The Dow Jones Industrial Average was up 258 points, or 0.7%, with less than an hour remaining in trading, and the Nasdaq composite was 0.6% lower.
Stocks of oil-and-gas companies were at the head of a widespread rally, where roughly four out of five stocks in the S&P 500 were rising.
Financial companies were also strong.
But declines for a handful of high-profile stocks were offsetting many of those gains, and the spotlight was shining brightest on Nvidia's 4.9% drop. The chip company is heading for a three-day losing streak after rocketing 1,000% higher since the autumn of 2022.
Nearly insatiable demand for Nvidia's chips to power artificial-intelligence applications have been a big reason for the
Nvidia’s stock has been pulling back since it briefly overtook
Other AI beneficiaries also gave up some of their fantastic gains.
Such a rotation could actually be a healthy sign for the stock market, as long as it can stay close to its records. Market watchers have been worried to see just Nvidia and a handful of other companies responsible for much of the S&P 500's returns recently. They would prefer a market where more stocks are participating in the gains.
RXO jumped 21.5% after it agreed to buy the Coyote Logistics freight brokerage business from
In the bond market,
It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market. Yields have been sinking on hopes that inflation is slowing enough to convince the
Fed officials may be underappreciating just how much the
The
In stock markets abroad, indexes rose across much of
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AP Writers
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Stock market today: Most of Wall Street rises, but Nvidia tumbles again as AI mania cools
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