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Dell, Super Micro providing server racks for xAI's

supercomputer

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Kroger ( KR ) reaffirms FY forecasts amid consumer spending

pressure

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Indexes mixed: Dow up 0.22%, S&P up 0.06%, Nasdaq flat

(Updated at 11:59 a.m. ET)

By Shubham Batra and Ankika Biswas

June 20 (Reuters) - The S&P 500 and the Nasdaq hit

record highs on Thursday, boosted by strong gains in Nvidia ( NVDA ),

while investors assessed recent economic data and commentary

from Federal Reserve officials to gauge the timing of

interest-rate cuts this year.

Nvidia ( NVDA ) gained 1.4% to hit an all-time high, as the

semiconductor bellwether was set to extend its lead as the

world's most valuable company after Dell and Super

Micro Computer ( SMCI ) received server orders for Elon Musk's

AI startup.

Shares of Dell and Super Micro rose 1.0% and 6.3%,

respectively.

Nvidia ( NVDA ) dethroned Microsoft ( MSFT ) on Tuesday to become the

world's most valuable company. The AI chip leader's continued

rally, coupled with softer-than-expected U.S. retail sales data,

boosted the S&P 500 and the Nasdaq to close at record highs in

the previous session.

The benchmark S&P 500 briefly breached the crucial

5,500-point mark in intraday trading, a year-end target multiple

brokerages had forecast.

The energy sector was the top S&P 500 gainer, up

1.5% after oil futures hit seven-week highs, while real estate

was the worst hit.

The number of Americans filing new claims for unemployment

benefits fell last week, but overall strength in the jobs market

persisted despite a gradual cooling. Another set of data showed

U.S. single-family homebuilding fell in May amid continued high

mortgage rates.

"Whether it's CPI, or consumer spending, or savings rates,

or jobless numbers, the data could change very marginally and

slowly," said Joseph Ferrara, Investment Strategist at Gateway

Investment Advisors.

"I think the Fed is going to need to see a bit more, either

conclusive or reaffirming data that the economy has potential to

slow down. I don't think we're seeing it just yet."

Meanwhile, Minneapolis Fed President Neel Kashkari said it

would take a year or two to get inflation back to 2%, as wage

growth might still be too high, spurring worries of interest

rates staying elevated for longer.

Money markets currently see a 58% chance of a 25-basis-point

rate cut by the U.S. central bank in September, according to

LSEG's FedWatch data.

At 11:59 a.m. ET, the Dow Jones Industrial Average

was up 86.87 points, or 0.22%, at 38,921.73, the S&P 500

was up 3.32 points, or 0.06%, at 5,490.35, and the Nasdaq

Composite was down 7.17 points, or 0.04%, at 17,855.07.

Kroger ( KR ) fell 2.5% after striking a cautious tone on

near-term consumer spending, as it reaffirmed its full-year

same-store sales and profit forecasts despite topping

first-quarter estimates.

Trump Media & Technology Group ( DJT ) tumbled 12.4% on

potential equity dilution after the U.S. Securities and Exchange

Commission declared effective the company's filing for a resale

of certain shares and warrants, giving it about $247 million in

proceeds.

Declining issues outnumbered advancers for a 1.07-to-1 ratio

on the NYSE, and by a 1.22-to-1 ratio on the Nasdaq.

The S&P index recorded 27 new 52-week highs and six new

lows, while the Nasdaq recorded 36 new highs and 170 new lows.