The stock market experienced a dip on Thursday after hitting record highs earlier in the session. Nvidia saw a record surge, making it the most valuable publicly traded company in the world but also took a breather. The S&P 500 and Nasdaq Composite both experienced drops after briefly reaching new highs. The Dow Jones Industrial Average, however, saw a slight increase. Wall Street struggled to maintain its winning streak in 2024 following a significant rise driven by enthusiasm around AI, with Nvidia being a standout performer. Despite Nvidia’s stock falling over 3% on Thursday, it has still risen over 170% so far this year. The central banks, particularly the Swiss National Bank and the Bank of England, were in focus with rate cuts and potential future rate cuts predicted. Economic data released included a drop in weekly jobless claims. In the energy sector, rising oil prices boosted energy-related stocks, with the S&P 500 Energy Select ETF rising over 2%. One notable development was Amazon’s entry into the stream advertising market, making changes to its Prime Video subscriptions. In terms of stock movement, Dell and Super Micro Computer shares surged following statements from Elon Musk about hardware supply for xAI. Overall, technology-related tickers were trending on Thursday. The housing construction sector faced challenges, with new data showing a decline to a four-year low. However, despite these fluctuations, the market remained optimistic, leading to new highs for the S&P 500 and Nasdaq Composite.
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