Stock market today: Record-setting rally stalls as Nvidia slides and economic data softens

• U.S. stocks closed mostly lower on Thursday, ending a long streak of gains for the S&P 500 and Nasdaq.
• Nvidia fell after hitting records earlier in the day.
• Traders were also evaluating weak housing market data and elevated weekly jobless claims.

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U.S. stocks were mixed on Thursday, with the S&P 500 and Nasdaq closing lower to end a long winning streak that had taken the indexes to a series of all-time highs.

Nvidia dragged the market lower, as the tech giant fell 3% after rising so much in early morning trading. The company fell back below Microsoft's market capitalization after briefly surpassing it to become the world's most valuable company earlier this week.

The S&P 500 rose above 5,500 for the first time on Thursday before falling back below that level. The Dow Jones Industrial Average resisted the decline of the other major indexes, rising nearly 300 points on the session.

Here is where the US indices were at the 4:00 pm close on Thursday:

Investors were evaluating new economic data that pointed to growing weakness in the U.S. economy. Last month, home construction starts were the lowest in four years, as both builders and homebuyers struggled with high financing costs.

Jobless claims were also higher than expected. Although claims declined slightly week over week, 238,000 people filed for unemployment benefits last week, near the highest level in 10 months.

"Economic indicators for the second quarter largely point to another slow quarter of economic activity, including 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 are weakening. This suggests an upside risk to the unemployment rate in the June release after it hit 4.0% in May, which was the highest since early 2022."

This is what happened today:

In commodities, bonds and cryptocurrencies:

• Oil futures rose. West Texas Intermediate Crude oil rose about 1% to $82.34 a barrel. Brent CrudeThe international benchmark index rose 0.8% to $85.82 a barrel.
• Gold rose 1% to $2,372.20 an ounce.
• The 10-year Treasury yield rose three basis points to 4.254%.
• bitcoin rose to $64,961.25.