"Market Update: S&P 500 Hits Record High, Nasdaq Slips, Dow Gains Ahead of Inflation Data"

The S&P 500 hit a fresh record high as stocks recovered from a recent sell-off, despite disappointing retail sales data raising concerns about the US economy. The Dow Jones rose almost 350 points, while the Nasdaq added 0.3%. Energy and Real Estate sectors were the big winners. Meanwhile, mortgage rates surged above 7% as the outlook for interest rates remains uncertain. OpenAI chairman exited stealth mode with a new AI startup, Sierra, and Alphabet shares fell amid worries of potential competition from OpenAI. Homebuilder confidence rose for the third consecutive month as mortgage rates declined. Cisco shares dropped after the company reported lower demand and worse-than-expected guidance.