The US stock market continues to rally, with Nvidia pushing the S&P 500 and Nasdaq to another record day.

Shares of artificial intelligence chipmaker Nvidia rose 2.5%, offsetting declines in other chip stocks.

Microsoft (MSFT.O) fell 1.4%, while Tesla (TSLA.O) rose 3.7%, bringing its 2024 gains to 5%.

It was the sixth straight record close for the Nasdaq and the fifth straight for the S&P 500, as optimism about the growth of artificial intelligence across the U.S. corporate landscape helped offset uncertainty about the path of interest rate cuts by the Federal Reserve.

In his testimony before Congress, Jerome Powell said that although inflation is “still above” the soft landing target of 2%, it has improved in recent months and “more good data will strengthen” the case for a rate cut.

However, the central bank chief insists he has not “sent any signal regarding the timing of any future action.”

The market remains confident that there will be a 50 basis point rate cut this year. There is about a 72% chance of a 25 basis point rate cut at the Fed’s September meeting, according to CME’s FedWatch data. Those bets are down 50% from a month ago.

The Dow Jones Industrial Average fell 52.82 points, or 0.13%, to 39,291.97, the S&P 500 gained 4.13 points, or 0.07%, to 5,576.98 and the Nasdaq Composite rose 25.55 points, or 0.14%, to close at 18,429.29.

Oil prices fell on Tuesday after a hurricane hit a major U.S. oil production center. In Texas, the damage was less than the market had feared. It helps ease concerns about supply disruptions

U.S. crude fell 1.12 percent, or 92 cents, to $81.41 a barrel. Brent crude settled at $84.66 a barrel, down 1.27 percent, or $1.09, on the day.

The price of gold is changing rapidly. The spot price of gold rose by 0.22%, to trade at $2,364.08 per ounce. After falling earlier