Nvidia inches higher as S&P 500, Nasdaq hold near records
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U.S. stocks were little changed Thursday after a winning session fueled by Big Tech, with more jobs data available to test investors’ growing hopes of interest rate cuts.
The S&P 500 (^GSPC) oscillated along the flat line on the heels of a record close. The Dow Jones Industrial Average (^DJI) was little changed while the tech-heavy Nasdaq Composite (^IXIC) rose 0.1%.
Stocks are regrouping after the roaring rally that also took the Nasdaq to a record high on Wednesday. Tech stocks contributed to the gains, with Nvidia (NVDA) overtaking Apple (AAPL) as the second-largest U.S. company, both surpassing $3 trillion in market value.
Shares of AI chipmaker Nvidia continued to climb Thursday, up about 1%. But other mega-cap technologies faltered, with Apple, Meta (META) and Microsoft (MSFT) losing ground slightly.
Meanwhile, Treasury yields have recovered from declines that supported stocks’ rally. The benchmark 10-year yield (^TNX) rose slightly to nearly 4.30%, coming from its lowest level since March hit on Wednesday.
The market welcomed recent disappointing economic numbers as reason to put a change in Federal Reserve policy back on the table, with ADP’s private sector wages missing just the latest sign of a slowing labor market. Traders now see a 69% chance of a rate cut in September, up from about 50% a week ago, according to the CME FedWatch tool.
Meanwhile, across the Atlantic, the European Central Bank on Thursday cut interest rates by 25 basis points for the first time since 2019, in a widely expected move.
Learn more: How does the labor market affect inflation?
U.S. jobless claims, released Thursday morning last week, stood at 229,000, compared to 220,000 expected by economists. The data gives investors another clue as to whether the Fed will achieve the desired soft landing for the economy. But the countdown is on for the May monthly jobs report released Friday, seen as crucial for stocks.
On the individual movers’ side, shares of Lululemon (LULU) jumped 9% in premarket trading after the athletic and casual wear maker upgraded its earnings outlook and share buyback program.
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News Source : finance.yahoo.com
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