On Thursday, U.S. stocks experienced mixed results, with the S&P 500 and Nasdaq closing lower, breaking a streak of gains that had seen both indexes reach record highs. Nvidia, a tech giant, fell by 3% after reaching record levels earlier in the day, impacting the overall market. Economic data revealed concerning trends, with home construction starts at a four-year low and elevated jobless claims indicating issues in the labor market. The Dow Jones Industrial Average, however, managed to rise by nearly 300 points.
The S&P 500 briefly surpassed 5,500 points before retracting, showing signs of volatility in the market. Investors were cautious as they analyzed the economic data, including weak retail sales and housing starts, leading to concerns about the economic outlook for the second quarter. Bill Adams from Comerica Bank highlighted the sluggish economic activity and the risks associated with rising unemployment.
In commodities, oil futures saw an increase, with West Texas Intermediate Crude rising by 1% to $82.34 a barrel, and Brent Crude increasing by 0.8% to $85.82 a barrel. Gold prices climbed by 1% to $2,372.20 an ounce, while the 10-year Treasury yield rose by three basis points to 4.254%. Bitcoin also saw a surge, reaching $64,961.25.
Overall, the U.S. stock market closed with mixed results on Thursday, with the S&P 500 and Nasdaq ending lower after a prolonged period of gains. Concerns about the weak economic indicators, such as low home construction starts and elevated jobless claims, contributed to the market’s volatility. Despite the challenges, the Dow Jones Industrial Average managed to rise, showcasing the divergent trends in the market. Investors remain cautious as they navigate the uncertain economic landscape and evaluate the potential implications for future market movements.
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https://markets.businessinsider.com/news/stocks/stock-market-today-nvidia-price-economy-data-jobless-claims-housing-2024-6