Another (Yawn!) Record for S&P

The S&P 500 rose to a fresh record as artificial intelligence darling Nvidia continued its march to new highs, topping Microsoft as the most valuable public company.

The Dow Jones Industrials advanced 56.76 points to 38,834.86.

The much-broader index gained 13.80 points to 5,487.03.

The NASDAQ inched up 5.21 points, to 17,862.23.

Nvidia jumped 3.5% to surpass Microsoft as the most valuable public company, and continue its milestone run after topping a $3 trillion market cap and breezing past Apple in value earlier this month. The chipmaker has surged 174% since the start of the year as enthusiasm for AI shows no signs of dwindling.

Some semiconductor stocks also rose in sympathy, with Qualcomm and Taiwan Semiconductor last up 2.2% and 1.4%, respectively. Micron Technology gained 3.8%. The sector also caught a bid from declining Treasury yields on the heels of weaker-than-expected retail sales report that spurred hopes for some economic slowing and Federal Reserve rate cut rates.

Tuesday’s moves follow a positive session on Wall Street that propelled the S&P and NASDAQ to all-time highs and record closing levels.

Retail sales rose 0.1% in May, versus the 0.2% growth forecast by economists polled by Dow Jones. Sales rose 2.3% on a year-over-year basis.

Prices for the 10-year Treasury strengthened, lowering yields to 4.21% from Monday’s 4.28%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.26 to $81.59 U.S. a barrel.

Gold prices rose $15.50 to $2,344.50