US stocks: Nasdaq reaches record high close, AI stocks rally
The three major indices closed mixed for the day
The Nasdaq reached a record high close on Tuesday, driven by Micron Technology and other AI-related stocks. The S&P 500 hovered near a record high as oil prices settled around US$100 per barrel. Chip stocks continued to gain, while software shares lagged. Investors were particularly focused on Meta Platforms' AI assistant, Muse, which launched this month and can handle tasks like sending emails and completing transactions.
The success of Muse has fueled gains for AI-related chip stocks, but some expressed concerns that it could compete with other consumer companies. Amazon recently blocked Muse from shopping on its platform. Investors also watched for signs of a potential trade truce between the US and China, as well as discussions on AI regulation, which could be discussed at an upcoming US-China summit.
The S&P 500 closed essentially flat at 7,764.64 points, while the Dow Jones Industrial Average slipped slightly. Trading volume was higher than average, with 17.9 billion shares exchanged across US exchanges.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Nasdaq reaches record high close, AI stocks rally straitstimes.com
- Nasdaq sets record high on AI optimism, oil drops below $100 channelnewsasia.com
