The S&P 500 and Dow Jones hit record highs on Thursday after Nvidia’s earnings report confirmed strong AI infrastructure spending. Nvidia’s shares dipped 0.8% due to trade concerns with China. Other AI stocks like Alphabet and Amazon saw gains. The S&P 500 closed at 6,501.86, while the Nasdaq and Dow also rose. Nike fell 0.2% after announcing layoffs. Weekly jobless claims were lower, easing worries of a slowing economy. Investors expect a Fed interest rate cut in September. Traders foresee an 80% chance of a rate cut next month. Fed Governor Lisa Cook sued Trump over her attempted removal. Snowflake surged 20% on increased AI demand, HP Inc rose 4.6%, but Hormel Foods tumbled 13%. The S&P 500 saw 28 new highs and five new lows, with lighter trading volume.

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