Tesla Rises as S&P 500 Adds to Its Record High

Benchmark index ticks up, even as Dow declines a bit
By Newser Editors and Wire Services
Posted Jun 13, 2024 3:48 PM CDT
Tesla Rises as S&P 500 Adds to Its Record High
The New York Stock Exchange building.   (AP Photo/Peter Morgan)

Most US stocks slipped Thursday, but hopes for coming cuts to interest rates and Wall Street's continued frenzy around artificial-intelligence technology nudged indexes to more records.

  • The benchmark S&P 500 rose 12 points, or 0.2%, to another record close of 5,433.
  • The Dow fell 65 points, or 0.1%, to 38,647.
  • The Nasdaq rose 59 points, or 0.3%, to 17,667.

Treasury yields eased again in the bond market as conviction built that inflation is slowing enough to get the Federal Reserve to cut interest rates later this year. Companies whose profits are most closely tied to the strength of the economy lagged the market Thursday, such as oil-and-gas producers and industrial companies. Dave & Buster's Entertainment sank 10.9% after reporting worse drops in profit and revenue for the latest quarter than analysts expected, citing a "complex macroeconomic environment" among other reasons.

Some companies have been able to skyrocket regardless of the pressures on the economy because of an ongoing frenzy around AI. Broadcom jumped 12.3% after the semiconductor company reported stronger profit for the latest quarter than analysts expected, aided once again by AI demand. Elsewhere, Tesla rose 2.9% after CEO Elon Musk said early voting results indicated shareholders were leaning toward approving his pay package. Without it, Musk had threatened to take AI research to one of his other companies.

(More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.