U.S. stocks had mixed results on Thursday as strong economic data fueled optimism about the resilience of the economy, despite some investors trimming their expectations for Federal Reserve rate cuts this year. The Nasdaq Composite rose 0.04% to 18,373.61, led by gains in semiconductor stocks, while the S&P 500 slipped 0.02% to 5,841.47 after hitting a new intraday record earlier in the day. The Dow Jones Industrial Average gained 161 points, or 0.37%, closing at 43,239.05.

Chip stocks saw a rebound, driven by Nvidia’s 2% rise to a new all-time high, bolstered by strong earnings and revenue forecasts from Taiwan Semiconductor Manufacturing Co. (TSMC), which surged 11%. Advanced Micro Devices (AMD) also gained 1%.

On the economic front, September retail sales rose 0.4%, beating expectations of a 0.3% increase. Excluding autos, sales were up 0.5%, well above the forecast of 0.1%. Weekly jobless claims also came in lower than expected, underscoring the ongoing strength of the labor market. This data followed stronger-than-expected inflation and employment reports earlier this month, leading some investors to question the likelihood of aggressive Fed rate cuts in November.

Treasury yields rose, with the 10-year yield climbing seven basis points to 4.09%, as traders reevaluated the timeline for future rate cuts. Swap contracts now price in 41