S&P 500 is flat as 4-day rally loses momentum; Dow boosted by Nvidia: Live updates: Live updates - CNBC
The Dow Jones reached a record high driven by Nvidia, while the S&P 500 and Nasdaq saw slight declines. Market volatility remains high as investors react to SpaceX's capital expenditure and shifts in AI-focused tech companies.
Why it matters
Market performance is increasingly tied to AI infrastructure spending and the dominance of a few key technology firms.
The Dow Jones Industrial Average rose to a fresh all-time high on Wednesday, powered by strong earnings and an advance in Nvidia shares.
The 30-stock index rose 263.24 points, or 0.49%, for a record close of 54,349.12 and its fifth straight positive day. The S&P 500 retreated from its new record high set earlier in the day, pulling back 0.17% to 7,723.55 as tech stocks slipped. The Nasdaq Composite dropped 0.83% to end at 26,363.44.
Wednesday's move ended a four-day winning streak for the S&P 500.
Dow member Nvidia shares popped more than 3% after Elon Musk said that SpaceX would only use Nvidia processors when building its artificial intelligence computing infrastructure in the future. In SpaceX's earnings call, he said Nvidia has "the best AI computer," before adding, "We're exclusive to Nvidia."
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