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The S&P 500 slipped 0.3 per cent, losing 13.86 points to settle at 5,473.17. The Nasdaq Composite also retreated from its record, declining 0.8 per cent, or 140.64 points, to 17,721.59. Bucking the trend, the Dow Jones Industrial Average climbed 0.8 per cent or 299 points to reach 39,134.76 read more
 "Nvidia shares slip, tug Nasdaq, S&P 500 down from record highs; Dow Jones outperforms")
The US stock indices saw a mixed closing on Thursday. Reuters
Wall Street’s major indices had a mixed close on Thursday, as market leader Nvidia surrendering early gains as investors weighed the latest economic data.
The S&P 500 slipped 0.3 per cent, losing 13.86 points to settle at 5,473.17, after hitting an all-time high before Wednesday’s Juneteenth holiday break. The Nasdaq Composite also retreated from its record, declining 0.8 per cent, or 140.64 points, to 17,721.59. Bucking the trend, the Dow Jones Industrial Average climbed 0.8 per cent or 299 points to reach 39,134.76.
Market movers
AI powerhouse Nvidia fell 3.5 per cent, despite initial gains. The chipmaker recently surpassed Microsoft to become the most valuable public company. Shares of Dell and Super Micro Computer also declined after rising earlier in the session on news of receiving server orders for Elon Musk’s AI venture.
Kroger shares dropped more than 3 per cent after issuing a cautious outlook on near-term consumer spending, even as the grocery chain reaffirmed its full-year sales and profit forecasts and exceeded first-quarter expectations.
Trump Media & Technology Group saw its shares plummet 14.5 per cent following the SEC’s clearance for the company to issue more shares, potentially diluting the stock’s value.
Bond market dynamics
The 10-year Treasury yield increased to 4.25 per cent from 4.22 per cent on Tuesday, while the two-year yield, which closely reflects Federal Reserve expectations, rose to 4.73 per cent from 4.71 per cent.
Recent economic data
Economic reports on Thursday revealed a decline in new unemployment claims last week, though the total number of unemployed individuals reached its highest level since January, indicating a cooling job market. Additionally, single-family homebuilding fell in May amid persistently high mortgage rates.
Wall Street is increasingly hopeful for a slowdown in U.S. economic growth, which could alleviate inflationary pressures and persuade the Federal Reserve to cut its main interest rate later this year. Such a move would ease economic strains and bolster investment prices.
With inputs from agencies
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English (US) ·