- U.S. stock markets closed mostly lower on Thursday, ending a long upward streak for the S&P 500 and Nasdaq.
- Nvidia fell after hitting a record high earlier in the day.
- Traders were also evaluating weak housing market data and an increase in weekly jobless claims.
U.S. stock markets were mixed on Thursday, with the S&P 500 and Nasdaq falling, ending a long rally that had propelled the indexes to record highs.
Technology giant Nvidia pulled the market down, falling 3% after rising 3% in early trading. The company briefly overtook Microsoft earlier this week to become the world’s most valuable company, but has now fallen back below the company.
The S&P 500 surpassed 5,500 for the first time ever on Thursday before falling back below that level. The Dow Jones Industrial Average bucked the declines of other major indexes, rising nearly 300 points during trading hours.
As of the close of trading at 4 p.m. on Thursday, U.S. stock indexes were as follows:
Investors were assessing new economic data that showed the U.S. economy was weakening further. Housing starts last month fell to the lowest in four years as homebuilders and homebuyers alike struggled with high financing costs.
Jobless claims also came in better than expected: While claims fell slightly week over week, 238,000 people filed for unemployment benefits last week, nearing a 10-month high.
“Second-quarter economic data points to another weak quarter of economic activity, with weak retail sales, housing starts and building permits,” Bill Adams, chief economist at Comerica Bank, wrote Thursday.
“At the same time, labor market indicators such as initial and continuing jobless claims have weakened, suggesting there is a risk that the unemployment rate may rise when the June release comes out, after the unemployment rate hit 4.0% in May, the highest level since early 2022.”
Here’s something else that happened today:
Commodities, Bonds and Cryptocurrencies:
- Oil futures rose. West Texas Intermediate crude rose about 1% to $82.34 a barrel, while the international benchmark Brent crude rose 0.8% to $85.82 a barrel.
- Gold rose 1% to $2,372.20 an ounce.
- The yield on the 10-year Treasury note rose 3 basis points to 4.254%.
- Bitcoin rose to $64,961.25.
