Rising healthcare and consumer stocks led the Dow Jones industrial average to close at record highs on Wednesday, while the S&P 500 and Nasdaq were flat, as investors took a break from an AI-led market rally with a cautious eye on Middle East peace talks.

Banking stocks fell, with shares of JPMorgan Chase falling after CEO Jamie Dimon warned that spending this year could be $1 billion higher than estimated.

The White House denied reports on Iranian state TV that Tehran would restore Strait of Hormuz shipping within a month in exchange for a US troop withdrawal and lifting of the naval blockade.

Still, the index is trading near record highs.

The Dow, which closed higher on Friday and Thursday, was lifted by moves in consumer stocks such as healthcare and Procter & Gamble.

However, the pullback in chip stocks weighed on the tech-heavy Nasdaq.

According to preliminary data, the S&P 500 rose 1.81 points, or 0.02%, to close at 7,520.93, while the Nasdaq Composite rose 18.55 points, or 0.08%, to 26,676.60. The Dow Jones Industrial Average rose 189.08 points, or 0.37%, to 50,650.76.

“After such a big rally in the markets, it’s not surprising to me that there’s been a bit of a lull,” said Sean Clark, chief investment officer at Clark Capital Management Group.

“There are a lot of positives to see right now. The outperformers are really driven by tech, AI and AI-related themes, although I wouldn’t discount the fact that the broader market is also participating.”

Among the sub-indexes, Consumer Discretionary Profits led.

Meanwhile, the S&P 500 energy index fell, as oil prices fell by as much as 5%. Tech shares fell after hitting an all-time high on Tuesday.

Chip stocks fell after a strong rally. Intel declined and Marvell Technologies fell, while Qualcomm fell sharply after a sharp rally on Tuesday.

Chip giant Nvidia weakened and the Philadelphia SE Semiconductor index lost after hitting a record high on Tuesday.

“Technology leadership is hard to ignore, with the sector moving to new highs both in absolute and relative terms relative to the broader market,” said Adam Turnquist, chief technical strategist at LPL Financial.

“That said, the growing momentum situation and elevated positioning raises questions around the near-term sustainability of the advance.”

Zscaler tumbled after the cloud security firm reported fourth-quarter revenue that fell short of expectations.

Among other movers, GlobalFoundry fell after Bloomberg News reported that majority owner Mubadala Investment Co. was looking to raise $1.91 billion in an unregistered block sale of GFS shares.

Bath & Body Works jumped after reporting better-than-expected first-quarter sales and profits, while Abercrombie and Fitch led by posting strong quarterly profits. Goldman Sachs raised its 2026 year-end forecast for the S&P 500 to 8,000 from 7,600, citing continued strength in corporate earnings.

Markets will next look to personal consumption expenditure index data on Thursday. The Federal Reserve’s key inflation measures could provide new clues on the path of monetary policy under new chairman Kevin Warsh.