Oddbean

S&P 500 closes lower after record high, weighed by chips stocks, economic data ========== The S&P 500 and Nasdaq closed lower on Thursday, with the S&P 500 hitting the crucial 5,500-point mark for the first time ever. Market bellwether Nvidia retreated from earlier gains, while investors evaluated recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year. Shares of Nvidia dropped 3.54% after rising earlier in the session. The chipmaker dethroned Microsoft on Tuesday to become the most valuable public company. Dell and Super Micro Computer also declined after an initial increase, following news that they received server orders for Elon Musk's AI startup. The number of Americans filing new claims for unemployment benefits declined last week, but the overall number of people on benefits rolls reached the highest level since January, indicating that the U.S. job market continues to cool. Another set of data showed U.S. single-family homebuilding fell in May amid continued high mortgage rates. Energy and utilities were the biggest gainers among the 11 S&P 500 sector indexes, while technology led the decline. Minneapolis Fed President Neel Kashkari said it would take a year or two to get inflation back to 2%, as wage growth might still be too high, spurring worries of interest rates staying elevated for longer. The Dow Jones Industrial Average rose 0.77%, the S&P 500 lost 0.25%, and the Nasdaq Composite lost 0.79%. #S&p500 #Nasdaq #ChipsStocks #EconomicData https://www.investing.com/news/economy-news/sp-nasdaq-futures-climb-as-nvidia-stretches-rally-3489655