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S&P 500, Nasdaq scale fresh intraday record highs

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Nvidia ( NVDA ) shares above $1,000 mark after results

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Boeing ( BA ) sees negative free cash flow in 2024

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Live Nation tumbles on report of DOJ action

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Indexes: Dow down 0.72%, S&P up 0.18%, Nasdaq up 0.75%

(Updated at 11:36 a.m. ET)

By Ankika Biswas and Lisa Pauline Mattackal

May 23 (Reuters) - The tech-heavy Nasdaq climbed on

Thursday as investors cheered AI chip leader Nvidia's ( NVDA ) blowout

revenue forecast, but persistent worries about U.S. inflation

limited gains in the broader U.S. market.

Certain chipmakers and AI-related stocks also rode the

coattails of a 10.5% jump in Nvidia ( NVDA ) shares that carried

the semiconductor bellwether past the key $1,000 mark for the

first time. The stock was on track to add around $220 billion in

market value if gains hold.

"There was a lot of nervousness going in as to whether

Nvidia ( NVDA ) could continue to exceed the rising expectations, but yet

it did... But I do worry whether this will fizzle out after a

little bit," said Brian Jacobsen, chief economist at Annex

Wealth Management.

Nvidia ( NVDA ) also announced a stock split, following an over

90% surge in its shares this year and a threefold jump in 2023

that have made it the third-most valuable U.S. stock.

The S&P 500 and the Nasdaq hit record highs in early trade,

but sentiment worsened after data showed U.S. price pressures

increased in May even as business activity accelerated and as

lower weekly jobless claims pointed to underlying labor market

strength.

Traders see 57.3% chances of an at least 25-basis-point

U.S. rate cut in September, according to CME Group's FedWatch

Tool.

"If we do see an acceleration of economic growth, it means

that the Fed could sit on their hands and do nothing for longer

than what was expected. That's taken a little bit of the wind

out of the sails of the markets right now," Jacobsen said.

Barring information technology, up 1.6%, all other

major S&P 500 sector indexes were in the red.

The blue-chip Dow was the worst performer among

the major indexes, hitting an over one-week low on a 5.9% slide

in Boeing ( BA ) as the U.S. planemaker forecast negative free

cash flow in 2024 due to sluggish deliveries.

At 11:36 a.m. ET, the Dow Jones Industrial Average

was down 287.52 points, or 0.72%, at 39,383.52, the S&P 500

was up 9.59 points, or 0.18%, at 5,316.60, and the Nasdaq

Composite was up 125.85 points, or 0.75%, at 16,927.40.

Chipmakers Broadcom and Micron Technology ( MU )

as well as AI server maker Super Micro Computer ( SMCI )

were up between 1.4% and 4.1% after paring some earlier gains.

The Philadelphia SE Semiconductor index hit a record

high.

DuPont ( DD ) announced plans to split into three publicly

traded companies. Shares of the U.S. conglomerate were up only

0.3%, sharply off their day's peaks.

Ticketmaster-owner Live Nation dropped 6.4% after a

report that the U.S. Department of Justice could seek a break-up

of the company to combat its domination of concert ticket sales.

Declining issues outnumbered advancers for a 2.79-to-1 ratio

on the NYSE and for a 2.19-to-1 ratio on the Nasdaq.

The S&P index recorded 31 new 52-week highs and seven new

lows, while the Nasdaq recorded 57 new highs and 102 new lows.