Tech carries Wall Street to records, even as most stocks fall after discouraging inflation data

Technology stocks drove U.S. markets higher as AI-related gains pushed major indexes to records despite broader weakness and new inflation concerns. The S&P 500 rose and topped its prior all-time high, while the Nasdaq set a record as large-cap tech names led gains. Higher inflation readings at both the consumer and wholesale levels, plus a surge in oil prices linked to the war in Iran, have lifted Treasury yields and dented hopes for Fed rate cuts this year, pressuring cyclical sectors such as utilities and real estate. Notable individual moves included strong rallies in semiconductor-related names and mixed results for global tech players like Alibaba. Overall market leadership remains concentrated in tech, leaving breadth narrow and sentiment mixed.