S&P 500 pulls within 1.2% of its all-time high even as majority of its stocks fell: Broadcom, Nvidia and other AI stocks made up the difference

On Tuesday, the S&P 500 edged closer to its all-time high, climbing 0.6% and inching within 1.2% of its record-setting peak earlier in the month. The Dow Jones Industrial Average added 25 points, while the Nasdaq composite soared 1.2%. Despite the majority of stocks within the S&P 500 falling, influential AI technology stocks propelled the index higher.

Broadcom experienced a 4.2% increase after securing a $63 billion financing deal to support Anthropic's XPU AI accelerators and networking solutions. Nvidia also rose 0.8%, contributing significantly to Broadcom's success. CoreWeave saw an 8.5% surge following a volatile period of high borrowing costs for AI chips. General Motors climbed 5.6% after transferring its listing from the New York Stock Exchange to the Nasdaq, aligning with its technology-focused strategy.

JetBlue Airways soared 20.3%, despite a larger-than-expected summer loss, as management anticipates returning to sustained profitability in 2028. Royal Caribbean Group also boosted the market by 5.5%, reporting stronger summer profits than anticipated. Other notable performers included Sherwin-Williams, which fell 1.9% due to weaker-than-expected profit and inflation-driven material costs.

Boeing, Hilton Worldwide Holdings, and Sherwin-Williams all experienced declines, citing disappointing results and increased macroeconomic pressures. Meanwhile, U.S. consumer confidence surprised on the upside in October, defying expectations of further weakening. Oil prices softened, with a barrel of Brent crude down 1.2% to $109.41.

Abroad, stock markets in Seoul and Shanghai experienced contrasting movements, with Seoul's index climbing 3.1% and Shanghai's falling 1.3%.