NASDAQ-Adv: 1,847 Dec.: 2,376 NYSE-Adv: 2,554 Dec.: 1,429
(Source: Nasdaq)
The S&P 500 and Nasdaq hit record highs on Thursday, boosted by strong gains in Nvidia, as investors assessed recent economic data and comments from Federal Reserve officials to assess the timing of interest rate cuts this year. .
Nvidia (NVDA.O), opens a new tab gained 1.4% to hit an all-time high, as the semiconductor leader set to extend its lead as the world's most valuable company after Dell (DELL.N). , opens a new tab and Super Micro Computer (SMCI.O), opens a new tab, received server orders for Elon Musk's AI startup.
Dell and Super Micro shares rose 1.0% and 6.3%, respectively.
Nvidia dethroned Microsoft (MSFT.O) opens a new tab on Tuesday to become the world's most valuable company. The AI โโchip leader's continued rally, coupled with weaker-than-expected U.S. retail sales data, propelled the S&P 500 and Nasdaq to close at all-time highs in the previous session.
The benchmark S&P 500 index briefly surpassed the crucial 5,500-point mark in intraday trading, a year-end target that multiple brokerages had forecast.
The energy sector (.SPNY), opens a new tab was the biggest gainer in the S&P 500, up 1.5% after oil futures hit seven-week highs, while the real estate sector (.SPNY). SPLRCR), opens a new tab was the most affected.
The number of Americans filing new claims for unemployment benefits fell last week, but overall labor market strength persisted despite a gradual cooling. Another set of data showed that U.S. single-family home construction fell in May amid continued high mortgage rates.
"Whether it's the CPI, consumer spending, savings rates or unemployment numbers, the data could change very marginally and slowly," said Joseph Ferrara, investment strategist at Gateway Investment Advisors.
โI think the Federal Reserve is going to need to see a little bit more, either conclusive data or reaffirmation that the economy has the potential to slow down. โI donโt think weโre seeing it yet.โ
Meanwhile, Minneapolis Federal Reserve President Neel Kashkari said it would take a year or two for inflation to return to 2% as wage growth could still be too high, raising concerns about that interest rates would remain high for longer.
Money markets currently see a 58% chance that the US central bank will cut rates by 25 basis points in September, according to FedWatch data from LSEG.
At 11:59 a.m. ET, the Dow Jones Industrial Average (.DJI), opens a new tab rose 86.87 points, or 0.22%, to 38,921.73, the S&P 500 (.SPX), opens a new tab rose 3.32 points, or 0.06%, to 5,490.35, and the Nasdaq Composite (.IXIC), opens in new tab, fell 7.17 points, or 0.04%, to 17,855, 07.
Kroger (KR.N) opens a new tab fell 2.5% after taking a cautious tone on near-term consumer spending, reaffirming its full-year same-store sales and profit forecasts despite beating first quarter estimates.
Trump Media & Technology Group (DJT.O), open a new tab fell 12.4% due to possible capital dilution after the US Securities and Exchange Commission declared the company's request for the resale of certain shares and warrants, which gave it about $247 million in profits.
Declining issues outnumbered advancing ones by a ratio of 1.07 to 1 on the New York Stock Exchange and 1.22 to 1 on the Nasdaq.
The S&P index recorded 27 new 52-week highs and six new lows, while the Nasdaq recorded 36 new highs and 170 new lows.
Source: Reuters (Reporting by Shubham Batra and Ankika Biswas in Bengaluru; Editing by Sriraj Kalluvila, Shounak Dasgupta and Pooja Desai)
