The S&P 500 and Nasdaq climbed to new record highs on Thursday, as Microsoft's blockbuster earnings propelled the tech giant past the $4 trillion milestone and fueled investor confidence in Big Tech's hefty investments in artificial intelligence.

MANILA, Philippines (AP) — Asian shares were mixed on Thursday after most U.S. stocks slipped, as doubts rose on Wall Street about whether the Federal Reserve will deliver economy-juicing cuts to interest rates by September.

The widespread expectation on Wall Street is that Fed officials will wait until September to resume cutting interest rates, though a couple of Trump’s appointees could dissent in the vote. The Fed has been on hold with interest rates this year since cutting them several times at the end of 2024.

The U.S. economy has seemed to hold up so far despite the pressures of tariffs, though it does appear to be slowing.

Wall Street’s record-breaking, weeklong run ran out of momentum on Tuesday. The S&P 500 slipped 0.3% for its first drop after closing at an all-time high in six successive days. The Dow Jones Industrial Average sank 204 points,