Stock market today: Stocks extend record-setting rally, Tesla rises ahead of Musk pay decision

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US stocks rallied to a record close on Thursday as investors weighed the two-way pull of cooling inflation and a Federal Reserve pullback on interest rate cuts.

The S&P 500 (^GSPC) rose more than 0.2% to close at its latest all-time high. The Nasdaq Composite (^IXIC) popped about 0.3%, as tech stocks led the broader charge higher. It was the fourth consecutive record close for the two indexes. Meanwhile, the Dow Jones Industrial Average (^DJI) fell almost 0.2%.

Fed policymakers' shift from three rate cuts this year to just one hasn't appeared to faze investors, given Chair Jerome Powell's reminder that the projection isn't set in stone. Traders are still pricing in two rate cuts starting in September, according to the CME FedWatch tool.

On Thursday, the producer price index for May fell in what appears to be the latest sign that inflation is easing. The reading dropped 0.2% month-over-month after rising 0.5% in April.

Also looming large is the Tesla (TSLA) shareholders' vote on whether to approve a $56 billion pay package for its CEO Elon Musk, a measure which some big investors were against. Overnight Musk said the compensation and the EV maker's move to Texas have been passed "by wide margins." Tesla stock jumped about 3% on Thursday.

Meanwhile, a 12% jump in Broadcom (AVGO) shares lifted the spirits of a market looking to AI and techs to fuel a rally.

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