S&P 500, Nasdaq hit record highs on AI momentum, Dow edges up after weak retail sales

The Nasdaq notched a seventh record closing high in a row, as gains in many chip stocks offset losses in Alphabet, Amazon and Meta Platforms. — Reuters picNEW YORK, June 19 — The S&P 500 and Nasdaq closed at record highs yesterday, buoyed by Nvidia’s continued surge to new peaks, while the Dow ended barely higher in subdued pre-holiday trading following softer-than-expected US retail sales data.

Qualcomm, Arm Holdings and Micron advanced between 2.1 per cent and 8.7 per cent, with Micron hitting a record high.“It’s really the AI story,” said Ty Draper, financial advisor at Beacon Capital Management in Franklin, Tennessee. Financial .SPSY and technology led advances among the 11 S&P 500 sectors, up0.64 per cent and 0.61 per cent respectively, while communication services and consumer discretionary were the biggest losers.

Shares of education technology provider Chegg rose3.45 per cent after announcing job cuts in a restructuring.

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