The benchmark S&P 500 jumped 0.58% to close at 6,753.72, while the Nasdaq Composite gained 1.12% to finish at 23,043.38

The S&P 500 and Nasdaq Composite hit new all-time intraday and closing highs on Wednesday, a day after the broad market index snapped a seven-day winning streak because of a drop in Oracle that called to question the sustainability of the artificial intelligence trade. The U.S. government shutdown is also in its second week.

The benchmark S&P 500 jumped 0.58% to close at 6,753.72, supported by a rise in the index’s information technology, utilities and industrials sectors. All three sectors notched new closing highs. The Nasdaq Composite gained 1.12% to finish at 23,043.38. The Dow Jones Industrial Average dropped 1.20 points to close the day at 46,601.78.

Stocks showed little reaction to the release of minutes from the U.S. central bank’s September meeting, where it cut rates for the first time in 2025. The minutes showed a Fed (central bank) divided over how much further to cut rates.

The move comes just a day after the Nvidia finished lower along with Oracle shares after a report that Oracle was seeing lighter margins in its cloud business than analysts were forecasting. The report also claimed the company is losing money on some of its deals to rent out Nvidia’s chips.

That added to concerns that the stock market is caught up in an AI bubble that reminds the late 1990s, when a feeding frenzy on early internet companies eventually led to the bursting of the dot-com bubble. Many market observers are urging investors to rebalance their portfolios, while also acknowledging there could be further upside before the AI rally exhausts itself.