IXIC: Nasdaq Composite Pops to Fresh Record, Apple Shares Stage Mega Pump

iPhone maker’s stock rallied more than 7% Tuesday as investors reconsidered the company’s offering on AI.

• The Nasdaq Composite IXIC extended its record-setting rally in a back-to-back fashion Tuesday as shares of Apple AAPL staged a powerful turnaround. The tech-heavy index was buoyed higher by tech stocks to notch a new all-time high of 17,343.55, up 0.9% on the day. Further, the S&P 500 also logged a record closing high, up 0.3% for the session. The Dow Jones Industrial Average didn’t make it to green and wrapped up with a 0.3% decline.
• Apple was the big gainer of the tech pack as investors flocked back to its stock a day after they dumped it on an underwhelming AI announcement. The iPhone maker on Monday finally revealed its hand on gen AI with the “Apple Intelligence” model. Shares of the tech mainstay not only clawed back Monday’s 2% loss but soared by more than 7% to clock out at a record high of $207.15 a share.
• The action-jammed week rolls on with a couple of highly important economic reports on deck for Wednesday. May’s consumer price index — inflation data — is expected to show price pressures remained still at 3.4%, in line with April’s price growth. Shortly after, the man who moves markets with a simple “Good afternoon” will speak on interest rates and the path forward. Jay Powell, Federal Reserve boss, will announce the central bank’s rate decision and will likely lay out a timeline for cuts to borrowing costs.