NEW YORK (AP) — Most U.S. stocks fell, but hopes for coming cuts to interest rates and Wall Street's continued frenzy around artificial-intelligence technology sent indexes to more record highs.

The S&P 500 rose 0.2% Thursday after a day of drifting between shallow gains and losses, beating the all-time high it set the day before.

The Nasdaq composite climbed 0.3%, also setting another record. The Dow Jones Industrial Average fell 0.2%.

Chipmaker Broadcom soared 12.3%. Treasury yields eased again in the bond market as conviction built that inflation is slowing enough to get the Federal Reserve to cut interest rates later this year.