U.S. stock indexes fell in afternoon trading after reaching record highs earlier in the day, with the S&P 500 briefly surpassing 5,500 before losing about 0.3%. Nvidia, which recently became the most valuable public company in the world, saw its shares drop more than 4%. The tech-heavy Nasdaq Composite also fell 0.8%, while the Dow Jones Industrial Average rose approximately 0.8%.
The enthusiasm around AI technology has been a driving force behind the stock market growth, with Nvidia’s rapid rise capturing the attention of investors. However, global central banks, including the Swiss National Bank, have been making significant moves, with the Bank of England hinting at a potential rate cut in the summer.
Oil prices rose on Thursday, boosting energy-related stocks. West Texas Intermediate closed at $82.17 per barrel, while Brent rose to $85.71 per barrel. Energy stocks led the gains, with the S&P 500 Energy Select ETF rising more than 2%.
Amazon’s entry into the streaming advertising market has caused ripples, as Prime Video subscriptions now default to an ad-supported tier, increasing subscription costs for those who want an ad-free version. Dell and Super Micro stocks moved after Elon Musk announced that they would provide hardware for the supercomputer his AI startup is building.
Housing construction activity hit a four-year low in May, another sign of the faltering housing market. The decline in construction activity is consistent with builders losing confidence, as rising mortgage rates leave potential buyers on the sidelines.
Overall, the stock market experienced a mixed day on Thursday, with wobbly movements in major indexes and individual stock prices. Investors are closely watching developments in AI technology, energy markets, and central bank policies, as they navigate the evolving financial landscape.
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