Nasdaq, S&P 500 end at records as Apple surges on AI plans

NEW YORK - The Nasdaq and S&P 500 rallied to fresh records on June 11, following a surge in Apple shares after Wall Street cheered

the tech giant’s plans for artificial intelligence.

The highs came one day after Apple unveiled “Apple Intelligence” and said it was partnering with OpenAI.

Company officials added that the offering would give iPhone users unprecedented powers through fast-advancing generative artificial intelligence.

Apple shares fell on June 10 but surged by more than 7 per cent on June 11, boosting all three indices.

The tech-rich Nasdaq Composite Index finished at 17,343.55, up 0.9 per cent, a second straight record close.

The S&P 500 also finished at an all-time high, winning 0.3 per cent to 5,375.32, while the Dow Jones Industrial Average dipped 0.3 per cent to 38,747.42.

The mixed session came as markets await a June 12 Federal Reserve interest rate decision and release of consumer price data.

While the Fed is expected to keep interest rates unchanged, US Treasury yields fell on June 11 in a flight to American bonds following weekend elections in Europe that sowed unease about the eurozone.

LBBW’s Karl Haeling pointed to “nervousness in the market” after

French President Emmanuel Macron called for elections

following significant gains by far-right parties over the weekend.

Among individual companies, General Motors advanced 1.4 per cent as it lifted its dividend by 33 per cent and announced a new share repurchase authorisation to repurchase up to US$6 billion (S$8.1 billion).

But rival Ford fell 2.2 per cent after the company’s chief financial officer expressed concern about the growing competitive challenge from Chinese automakers at an investment conference.

Boeing dropped 2.4 per cent after reporting another weak month of plane deliveries and orders.

The aviation giant is struggling with manufacturing and quality control issues that have prompted greater regulatory scrutiny. AFP