The S&P 500 index hit 5,000 for the first time ever, propelled by Wall Street's optimism the Federal Reserve is going to cut interest rates.

The White House is working with big tech companies to agree to testing and reporting measures to reduce AI risks. These voluntary measures are a precursor to regulation.

SoftBank has dropped its plans to sell the British semiconductor and software design company Arm to U.S. chipmaker Nvidia. The Federal Trade Commission had sued to block the $40 billion deal.

The regulator says the deal would give the combined company too much power, hurt competition and raise prices for consumers. It comes as a global shortage of chips wreaks havoc on the economy.