Record-setting Rally Stalls As Nvidia Slides And Economic Data Softens | Old North State Wealth News
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Record-setting rally stalls as Nvidia slides and economic data softens



Stocks were mixed on Thursday as a multi-day rally to record highs stalled. Momo Takahashi/BI

  • US stocks closed mostly lower Thursday, ending a long streak of gains for the S&P 500 and the Nasdaq.

  • Nvidia dropped after soaring to records earlier in the day.

  • Traders were also assessing weak housing-market data and elevated weekly jobless claims.

US stocks were mixed on Thursday, with the S&P 500 and the Nasdaq ending lower to end a long run of gains that had brought the indexes to a series of record highs.

Nvidia dragged the market lower as the tech giant dropped 3% after rising as much in early morning trading. The firm sank back below Microsoft’s market capitalization after briefly surpassing it to become the most valuable company in the world earlier this week.

The S&P 500 climbed above 5,500 for the first time ever on Thursday before dipping back below that level. The Dow Jones Industrial Average bucked the decline in the other major indexes, rising nearly 300 points in the session.

Here’s where US indexes stood at the 4:00 p.m. closing bell on Thursday:

Investors were assessing new economic data that pointed to growing softness in the US economy. Last month, housing starts were the lowest in four years, as homebuilders and homebuyers alike struggled with high financing costs.

Jobless claims were also higher than expected. Though claims dipped slightly week-to-week, 238,000 people sought unemployment benefits last week, close to the highest level in 10 months.

“Economic indicators for the second quarter largely point to another slow quarter of economic activity, including weak retail sales, housing starts, and building permits,” Bill Adams, Chief Economist for Comerica Bank, wrote Thursday.

“At the same time, labor market indicators like initial and continued jobless claims are weakening. This suggests upside risk to the unemployment rate in the June release after it reached 4.0% in May, which was the highest since early 2022.”

Here’s what else happened today:

In commodities, bonds, and crypto:

  • Oil futures rose. West Texas Intermediate crude oil rose by about 1% to $82.34 a barrel. Brent crude, the international benchmark, climbed 0.8% to $85.82 a barrel.

  • Gold increased 1% to $2,372.20 per ounce.

  • The 10-year Treasury yield climbed three basis points to 4.254%.

  • Bitcoin ticked up to $64,961.25.

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