DOW AND S&P 500 PULL BACK AS MARKETS DIGEST DATA AND HAWKISH FED

The S&P 500 and the Dow indexes slipped on Thursday as investors weighed hawkish Federal Reserve projections against data signaling cooling inflation, though strength in chip stocks supported the Nasdaq. Nasdaq component Broadcom soared 12.2% to hit a record high after the chipmaker raised its forecast for revenue from semiconductors used in artificial intelligence (AI) technology. It also announced a 10-for-1 forward stock split.

AI chip leader Nvidia rose 2.8%, pushing the Philadelphia SE Semiconductor Index 1% higher to an all-time peak. The information technology sector also hit a record high, but nine of the other 11 major S&P 500 sectors were in the red. The S&P 500's pullback came a day after the index notched its third consecutive record close.

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