NEW YORK>> Most U.S. stocks slipped Thursday, but hopes for coming cuts to interest rates and Wall Street’s continued frenzy around artificial-intelligence technology nudged indexes to more records.

The S&P 500 added 0.2% to its all-time high set the day before, even though the majority of stocks within it weakened. The Nasdaq composite climbed 0.3% from its own record, thanks to gains for technology stocks, while the Dow Jones Industrial Average fell 65 points, or 0.2%.

Treasury yields eased again in the bond market as conviction built that inflation is slowing enough to get the Federal Reserve to cut interest rates later this year.

The latest update on inflation showed prices paid at the wholesale level weren’t as bad as economists expected. Prices actually dropped from April into May, when economists were forecasting a rise.

It followed a surprising update from Wednesday that showed inflation at the consumer level was lower than expected. Federal Reserve Chair Jerome Powell called that report encouraging and said policymakers need more such data before lowering their main interest rate from the most punishing level in two decades.

“It’s a question of when they cut, not if,” said Niladri “Neel” Mukherjee, chief investment officer of TIAA Wealth Management.

High interest rates have been dragging on some parts of the economy, particularly manufacturing. A separate report on Thursday showed more U.S. workers filed for unemployment benefits last week than economists expected, though the number is still low relative to history.

The hope on Wall Street is that growth for the job market and economy continues to slow in order to take pressure off inflation, but not so much that it creates a deep recession. Companies whose profits are most closely tied to the strength of the economy lagged the market Thursday following the reports, such as oil-and-gas producers and industrial companies.

Dave & Buster’s Entertainment sank 10.9% after reporting worse drops in profit and revenue for the latest quarter than analysts expected, citing a “complex macroeconomic environment” among other reasons. Other companies have recently been detailing a split among their customers, where lower-income households are struggling to keep up with still-high inflation.

Some companies have been able to skyrocket regardless of the pressures on the economy because of an ongoing frenzy around artificial-intelligence technology.

Broadcom jumped 12.3% after the semiconductor company reported stronger profit for the latest quarter than analysts expected, aided once again by AI demand. It also raised its forecast for revenue this year.

Broadcom’s stock price has jumped so high, to nearly $1,700, that it will soon give nine shares for every one that investors already hold in order to lower the price and make it more affordable. It follows a similar move by Nvidia, which has become the poster child of the AI rush and seen its total market value top $3 trillion.