S&P 500 rises, poised for another record as Nvidia leads AI stocks higher: Live updates

The S&P 500 headed for a new record high on Monday, boosted by a group of outperforming technology stocks tied to the artificial intelligence boom.

The broad index added 0.2%, on pace for another record close. The Nasdaq Composite ticked marginally higher, also flirting with another high. The Dow Jones Industrial Average underperformed, shedding 12 points.

The market took a leg up in afternoon trading as Nvidia, the closely watched AI stock, rose more than 6%. Super Micro Computer soared more than 23% after S&P Dow Jones Indices announced it would join the S&P 500 later this month.

A handful of bitcoin-focused stocks including Microstrategy and Coinbase advanced as the cryptocurrency neared its 2021 all-time high. That offered further evidence of Wall Street taking on risk in Monday's session.

But tech laggards held the market back. Apple fell nearly 3% after getting hit with a European Union antitrust fine of nearly $2 billion. Tesla dropped almost 7% after announcing more price discounts and incentives late last week.

Elsewhere, Ford added almost 3% on the back of strong sales data.

JetBlue rose more than 3%, while Spirit Airlines tumbled more than 10%. The airlines said Monday that they would end plans to combine, weeks after losing a federal antitrust lawsuit that jeopardized the $3.8-billion deal.

Stocks have been racing higher — fueled by enthusiasm around AI — over the past several weeks. The technology-heavy Nasdaq notched an all-time high on Friday, breaking a 2021 record to become the last of the major stock indexes to reach a record close this year.

"Investors are wondering: Should we be taking some profits at this point, or just staying the course?" said Sam Stovall, chief investment strategist of CFRA Research. With