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NEW YORK (AP) — A rebound for is propping up a weakened Wall Street Tuesday and keeping U.S. stock indexes close to their records.

The S&P 500 was 0.3% higher in late trading and nearing its all-time high set a week earlier. The Nasdaq composite leaped 1.2% and was heading for its first gain in four days.

Such strength came even as the majority of stocks on Wall Street outside artificial-intelligence winners fell. The Dow Jones Industrial Average, which doesn’t include Nvidia among its members, was a laggard and down 265 points, or 0.7%, with less than an hour remaining in trading.

Nvidia's jump of 6% was enough to keep the S&P 500 out of a loss for the day by itself. The chip company's shares are on track to break a three-day losing streak where they had lost nearly 13%, their worst such stretch since 2022.

It’s just one stock, but Nvidia has the power to swing the S&P 500 around because it’s grown to become one of

for Nvidia’s chips to have been for the U.S. stock market’s run to records recently, even as the economy’s growth of high interest rates. But the AI boom has been so frenzied that it’s raised worries about a possible bubble in the stock market and too-high expectations among investors.

The recent struggles for Nvidia haven’t raised too many concerns, at least not yet, because market watchers have been hoping for more stocks to participate in the rising stock market rather than just a handful of AI winners.

That’s what happened Monday, when banks, oil companies and other stocks outside the AI boom rallied as Nvidia sank again. But it may be a challenge for such stocks to keep picking up any slack from AI darlings amid the slowdown in the U.S. economy's growth.

In financial markets, the focus is starting to swing toward growth and away from just inflation and interest rates, according to Michael Wilson and other strategists at Morgan Stanley.

Pool Corp., a distributor of swimming pool supplies, tumbled 7.9% after it said construction of new pools is falling amid “cautious consumer spending on big ticket items� and cut its financial forecasts for the year.

It was the worst performer in the S&P 500, but Pool wasn’t alone. Roughly three out of every four stocks in the index fell.

SolarEdge Technologies dropped 24.2% after it said a customer that owes it $11.4 million filed for Chapter 7 bankruptcy, which raises questions about how much the solar-power company can collect and when. The smaller companies in the Russell 2000 index also fell 0.5%.

Broadly, sales at have been up and down recently as companies highlight how to keep up with still-rising prices. The , though, still looks mostly solid. A report on Tuesday also showed confidence among U.S. consumers fell this month, but not by quite as much as economists expected.

Upper-income households seem to be doing better, and they're booking trips on cruise ships. Carnival steamed 8.4% higher after it raised its profit forecast for 2024. The cruise company said bookings for the rest of the year are the best on record in terms of both price and occupancy. And bookings for next year may be even better.

In the bond market, Treasury yields were holding relatively steady. The yield on the 10-year Treasury edged down to 4.22% from 4.23% late Monday.

It’s been mostly falling since topping 4.70% in late April, which has relaxed the pressure on the stock market. Yields have sunk on hopes that inflation is slowing enough to convince the Federal Reserve to later this year.

The Fed has been keeping the federal funds rate at the highest level in more than 20 years, hoping to grind down on the economy just enough to get under control. The hope on Wall Street is that the Fed will cut interest rates at the exact right time. If it waits too long, the economy’s slowdown could careen into a recession. If it’s too early, inflation could reaccelerate.

Investors have been itching for the first cut to interest rates, with many traders betting on it arriving in September. But stocks don't always rise afterward. Historically, the S&P 500 has dropped an average of 20% in the 250 days following the first rate cut, according to Wells Fargo Investment Institute.

That's because it matters why the Fed is cutting rates. If it's doing so simply because inflation has slowed enough to cut rates, that could be good for stocks. But if it cuts because the economy is suddenly spinning toward a recession, that's different.

In stock markets abroad, indexes fell across much of Europe and rose in much of Asia.

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AP Writers Matt Ott and Zimo Zhong contributed.