The S&P 500 closed down 0.2% on Thursday after briefly surpassing 5,500 for the first time, while economic data signalled a weaker economy. The NASDAQ Composite fell 0.8%, and the Dow Jones Industrial Average rose 299 points, or 0.7%.
Nvidia Loses No.1 Spot to Microsoft; AMD Jumps Nvidia (NASDAQ) dropped over 3%, ceding its top market cap spot to Microsoft (NASDAQ). Nvidia’s market cap fell to $3.217 trillion, just below Microsoft’s $3.312 trillion. Advanced Micro Devices (NASDAQ) rose 4% after Piper Sandler highlighted its potential for the second half of the year.
Accenture Gains on AI Growth; Trump Media Drops on Dilution Fears Accenture (NYSE) jumped 7% after forecasting strong annual revenue growth due to AI adoption. Trump Media & Technology Group (NASDAQ) fell 14% following an SEC ruling that could dilute shares.
Economic Data Points to Slowing Economy Initial jobless claims rose to 238,000, and housing starts dropped 5.5% in May, indicating a slowing economy. Federal Reserve officials continue to express caution about cutting rates too soon, seeking more evidence of tamed inflation.
FOMC member Thomas Barkin and Minneapolis Fed President Neel Kashkari highlighted ongoing concerns about wage growth and inflation, with Kashkari suggesting it could take up to two years to reach the Fed’s 2% target.
