U.S. stocks are drifting around their records. A drop for Tesla helped to offset gains for stocks benefiting from the continued AI boom.
U.S. stocks are drifting around their records on Tuesday after the price of gold topped $4,000 per ounce for the first time.
The S&P 500 ticked down by 0.1%, coming off its latest all-time high and a seven-day winning streak. The Dow Jones Industrial Average was down 66 points, or 0.1%, as of 11 a.m. Eastern time, and the Nasdaq composite was 0.1% lower.
The bond market and stock indexes overseas were also making relatively modest moves. Markets are taking a pause following a rush higher for many investments on hopes that the economy will remain resilient and that the Federal Reserve will continue to cut interest rates.
With the U.S. government stuck in another shutdown, several high-profile economic reports have been delayed, such as the monthly update on the job market. Without those reports, which often move the market, some strategists say Wall Street could remain in its upward trend for a while.
One of the biggest trends guiding Wall Street has been the frenzy around artificial-intelligence technology, which has vaulted the market to record after record but also raised worries that prices have potentially shot too high.
IBM rose 4% after announcing a partnership that will integrate Anthropic’s Claude AI chatbot into some of its software products. Dell climbed 2% after executives talked up the company’s opportunity for growth because of AI at a conference with investors and analysts.
