S&P 500 hits record high as AI-driven gains boost Snowflake by 37% amid mixed economic signals.

U.S. stocks reached record highs with the S&P 500 up 0.5%, driven by strong gains in AI-related companies like Snowflake, which surged 37% after exceeding earnings and revenue expectations. The market optimism followed a 60-day ceasefire extension between Washington and Tehran, easing geopolitical tensions. However, economic data showed mixed signals with inflation rising to 3.8% year-over-year and a downward revision of Q1 GDP to 1.6%, keeping the Federal Reserve cautious about future rate hikes. Key tech stocks such as Microsoft and Nvidia also contributed to the market rally, while some sectors like financials saw declines.