The stock market remains at a record high after Nvidia overtook Microsoft as the most valuable company

NvidiaChip companies have become Wall Street’s most influential stocksare rising again on Thursday and this is helping to keep US indexes hovering around their record levels despite the decline Mix set of economic reports.

The S&P 500 was 0.2% higher in midday trading after setting its 31st all-time high this year ahead of the holiday on Wednesday. The Dow The Jones Industrial Average rose 69 points, or 0.2%, as of 11 a.m. Eastern time and Nasdaq composite added 0.2% to its own record.

Nvidia rose 2.8% after the replacement Microsoft on Tuesday as the most valuable company on Wall Street with a total market value of more than $3.3 trillion. It is performing admirably as a major beneficiary of the stock market frenzy over artificial intelligence technology.

Nvidia’s chips are helping accelerate the transition artificial intelligencewhich advocates say will create explosive growth in productivity and profits, and it is up 181.5% this year after more than tripling it last year.

Gains by Nvidia and other AI winners helped boost the stock market despite some weakness in the US economy. High interest rates aimed at curbing inflation have hurt the economy real estate market and manufacturing in particular, while households with lower income are showing signs of struggling to keep up with price increases.

Winnebago Industriesfor example, introduced “economy” trailers to attract customers amid “inconsistent retail patterns”. However, the company’s profits and revenue in the most recent quarter did not meet analysts’ expectations. Shares of the motorcycle and pontoon maker fell 3.9%.

To demonstrate the power of AI, Accenture rose 6.2% despite the consulting and professional services firm reporting weaker-than-expected profits and revenue for its latest quarter. In their earnings report, they highlighted how they secured more than $900 million in new orders for innovative AI, bringing the total over the past three quarters to more than $2 billion.

Among the few stocks that performed even better than Accenture was Super small computer, specializes in selling server and storage systems used in AI and other computing. It rose 7.9% to take its year-to-date gain to 249.3%.

The supernova for AI stocks has helped mask some underlying weakness in the market. That could be a worrying signal for market watchers, who want to see a large number of companies pushing the market higher rather than just a few.

“What has been common in past cycles, when equity markets are reaching significant peaks, is that the biggest growth names are names carry the burden.” Wells Fargo Investment Institute,

Treasury yields rose after a series of mixed reports on the economy. The number of American workers filing for unemployment benefits fell last week, but not as much as economists expected. A separate report said manufacturing in the mid-Atlantic is growing but not as fast as economists think. Meanwhile, home builders started fewer new homes last month than expected.

The hope on Wall Street is actually about a slowdown in the growth rate of the US economy. That could help limit inflationary pressures and convince investors. Federal Reserve cuts its key interest rate later this year. Such cuts would relieve pressure on the economy and boost investment prices.

Fed officials have said they could cut key interest rates once or twice this year, down from the highest level in more than 20 years. Meanwhile, many Wall Street traders are expecting two or more, according to data from CME Group.

The yield on the 10-year Treasury note rose to 4.27% from 4.22% late Tuesday. The two-year yield, tracking tighter expectations for the Fed, rose more modestly to 4.74% from 4.71%.

Several other central banks have begun removing the brakes from their economies.

The Swiss National Bank key interest rate cut on Thursday. The Bank of EnglandHowever, keeping the main exchange rate stable.

Stock indexes rose across Europe following these moves. France’s CAC 40 rose 1.3% to more than compensate losses from last week following the surprise results of the election. Asian indices are mixed.

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