US stocks were mixed with the S&P 500 and Nasdaq Composite closing at record highs, boosted by strong results from Google parent Alphabet.
Alphabet's strong performance boosted investor confidence in heavyweight artificial intelligence (AI) stocks, while electric vehicle (EV) stock Tesla fell on weak financial reports.
Alphabet shares rose 1% after a strong earnings report, reflecting the success of the company's large investment in AI technology. Microsoft, Nvidia and Amazon shares also rose around 1%.
Tesla shares fell 8.2% after CEO Elon Musk warned of challenges facing the company, following a reduction in US government support for the EV industry. As of 2025, Tesla shares have plunged around 25%.
The S&P 500 index rose 0.07% to 6,363.35 points, the technology-focused Nasdaq rose 0.18% to 21,057.96 points, while the Dow Jones plunged 0.70% to 44,693.91 points.
In other developments, the market also monitored President Donald Trump's visit to the Federal Reserve (Fed) headquarters after he repeatedly criticized Chairman Jerome Powell regarding interest rates that are considered too high.
However, Trump's presence at the Fed to meet Powell was to review ongoing renovation projects with a special emphasis on the construction costs of the projects.
According to CME's FedWatch, although the Fed is expected to maintain interest rates at its meeting next week, traders now estimate there is a 60% chance of a rate cut in September.
Meanwhile, the US Labor Department report also showed that weekly jobless claims fell to 217,000 - much lower than expected, indicating that the labor market remains strong.
Trading volume on US exchanges recorded $19.9 billion compared to an average of $17.8 billion over the full 20 trading days.
