Wall Street drifts around its record while the dollar’s value stabilizes

The U.S. stock market is drifting around its all-time high on Wednesday, while the U.S. dollar’s value stabilizes against other currencies after falling to its lowest level in nearly four years.

The S&P 500 edged up by 0.1%, coming off its latest record. The Dow Jones Industrial Average was down 63 points, or 0.1%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.4% higher.

Some Big Tech companies helped support the market following an encouraging report from ASML. The Dutch company, whose machinery helps make chips, gave a forecast for 2026 revenue that topped analysts’ expectations.

ASML’s customers have been notably more encouraged about the medium term, CEO Christophe Fouquet said, mostly because of expectations for “the sustainability” of demand related to the artificial-intelligence boom. That helped allay some concerns that the AI frenzy has gone overboard and created a potential bubble that may burst.

Nvidia, the stock that’s become the poster child of the AI boom, climbed 1.7% and was the strongest single force lifting the S&P 500. ASML’s stock that trades in the United States swung from an early gain to a drop of 1%.

Stocks elsewhere in the market were mixed following the latest flurry of profit reports.

Seagate Technology jumped 16.8% for one of the market’s biggest gains after the seller of hard drives and other data-storage products reported bigger profit and revenue than analysts expected. CEO Dave Mosley cited AI applications for its strong performance, among other things.