Nasdaq rises to record above 17,000 as Nvidia shares jump: Live updates

The Nasdaq Composite climbed to a new high on Tuesday, as Nvidia‘s ascent provided upward momentum for the tech-heavy index in an otherwise lackluster trading day.

The Nasdaq gained 0.4% and at one point broke above 17,000 for the first time ever. Meanwhile, the S&P 500 was near flat, while the Dow lost 128 points, or 0.2%.

Nvidia shares jumped more than 4%, extending last week’s rally. On the other hand, the blue-chip Dow was weighed down by a slide of more than 2% in Merck.

Those moves come near the end of a strong month, with all three major indexes recording fresh record levels in May. Softer inflation data earlier this month and better-than-expected quarterly earnings reports lifted sentiment, with the former suggesting Federal Reserve rate cuts could come earlier than investors had anticipated. The Dow has added around 3%, while the S&P 500 and Nasdaq have respectively climbed more than 5% and 8%.

“We could see a little bit of choppiness this week” coming off the long weekend, said Larry Tentarelli, founder of the Blue Chip Daily Trend Report. “But overall, I think the market is bullish.”

Minneapolis Federal Reserve President Neel Kashkari said Tuesday he wants to see “many more months” of data pointing to easing inflation before cutting rates. He also said he wouldn’t rule out further rate hikes if price pressures tick up again.

Looking ahead, investors are gearing up for the April personal income and expenditures report, which includes the PCE inflation reading, out Friday.