Index hits new high as Nvidia rises to new record high

The chipmaker at the heart of the artificial intelligence boom helped push major indexes higher on Tuesday after a raft of partnership announcements. Meanwhile, the cruise company’s shares faced rough seas as bad weather and cost pressures weighed on its outlook.

Major US stock indexes continued their record run on Tuesday as the Federal Reserve also began its two-day meeting, with expectations rising that policymakers will decide to cut interest rates by another quarter point on Wednesday. The S&P 500 added 0.2%, the Dow rose 0.3%, and the tech-heavy Nasdaq advanced 0.8% to set a new record close. See here for more coverage from Investopedia From today’s market movements.

Nvidia (NVDA) shares rose 5% to an all-time high after CEO Jensen Huang delivered a keynote speech at the company’s developers conference in Washington, DC. The event brought a flurry of announcements from Nvidia, including a $1 billion investment in Nokia (NOK), as well as a new strategic partnership with the Finnish technology company, whose shares rose nearly 23%. Nvidia also said it will collaborate with Oracle (ORCL) to build AI supercomputers for the US Department of Energy and collaborate with Palantir Technologies (PLTR) to develop an integrated suite of AI technology.

Shares of Regeneron Pharmaceutical (REGN) rose nearly 12% after the biotechnology company reported stronger-than-expected quarterly earnings. Strong sales of eczema treatment Dupixent and skin cancer treatment Libtayo helped boost performance. Regeneron also said it plans to resubmit an application for a higher-dose version of Eylea, a treatment for various diseases that affect the retina.

Skyworks Solutions (SWKS) and Qorvo (QRVO), makers of radio frequency chips for smartphones and other devices, have announced a plan to merge. Both semiconductor makers have been navigating headwinds related to key customer Apple (AAPL), which has begun developing its own modem chips for use in its devices. Shares of the two companies rose by about 6% after the merger was announced.

Shares of United Parcel Service (UPS) rose 8% after the package delivery giant beat analyst estimates with its third-quarter revenue and adjusted earnings per share. The company highlighted progress on its transformation plan that includes efforts to streamline operations, close underutilized facilities, and reduce its workforce, with 50,000 jobs cut so far this year.

Shares of PayPal Holdings (PYPL) rose 3.9% after the payments provider said it would team up with ChatGPT operator OpenAI. Users who shop on ChatGPT will be able to pay with PayPal, while PayPal will connect its global merchant network with ChatGPT to provide sales opportunities on the AI ​​platform.

Alexandria Real Estate Equity (ARE), a real estate investment trust (REIT) focused on life sciences and technology, missed estimates with third-quarter revenue and adjusted funds from operations (AFFO), a key measure of a REIT’s profitability. The company also lowered its full-year AFFO forecast, citing lower occupancy expectations in North America and declining demand in the life sciences industry. Alexandria Properties shares fell nearly 20%, the largest decline of any S&P 500 stock.

Royal Caribbean Cruises (RCL) shares fell 8.5%. The cruise operator’s third-quarter revenues came in slightly below expectations, and its fourth-quarter forecasts also fell short of expectations. Weather disturbances along with increased operating and interest expenses contributed to the cloudy forecast.