Stock market today: Nasdaq, S&P 500 pop as Nvidia galvanizes stocks

The S&P 500 and Nasdaq Composite rose to touch fresh intraday highs on Thursday after Nvidia's blockbuster earnings lit a fire under optimism that the AI rally has more room to run. The tech-heavy Nasdaq Composite gained 0.8%, while the S&P 500 rose 0.2%. The Dow Jones Industrial Average dipped 0.6%, weighed by a drop in Boeing shares.

Stocks had slipped after Federal Reserve minutes revealed some policymakers are open to keeping rates higher for longer this year if inflation doesn't cool as projected. Read more: How does the labor market affect inflation? The S&P Global purchasing managers index for May came in at 54.4 versus 51.3 last month.

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Stock market today: Nasdaq, S&P 500 hit new record as Nvidia galvanizes stocksNvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.
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Stock market today: Nasdaq, S&P 500 futures pop as Nvidia galvanizes stocksNvidia's blockbuster earnings have fired up optimism for AI's ability to fuel growth, eclipsing rate-hike worries for now.
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