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S&P 500, Nasdaq Retreat From Records as Nvidia Pulls Back | Wall Street Today

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Moomoo Recap US wrote a column · Jun 20 15:12
S&P 500, Nasdaq Retreat From Records as Nvidia Pulls Back | Wall Street Today
The S&P 500 and the Nasdaq retreated from record highs as Nvidia shares pulled back, accelerating declines for the semiconductor industry.

Nvidia's 3.5% decline on Thursday shaved more than $200 billion off the company's market capital, forcing the chipmaker to give back the crown for the most valuable company to $Microsoft(MSFT.US)$. The stock market declined amid weak economic data. Weekly jobless claims rose more than expected, while builders are starting home construction at a slower place, providing little relief to high housing prices that are adding upward pressure to inflation.
The $S&P 500 Index(.SPX.US)$ fell 0.25% to 5473.17 on Thursday, while $Nasdaq Composite Index(.IXIC.US)$ declined 0.79% to 17721.59. The $Dow Jones Industrial Average(.DJI.US)$ bucked the downtrend, closing 0.77% higher at 39134.76.
S&P 500, Nasdaq Retreat From Records as Nvidia Pulls Back | Wall Street Today
MACRO
Initial claims for unemployment benefits rose to 238,000 in the week ended June 15 on a seasonally adjusted basis, a Department of labor report released Thursday showed. That's higher than 235,000 claims expected by economists polled by the Wall Street Journal.
A separate report from the Census Bureau showed builders started work on 1.277 million new homes in May, 5.5% below the revised estimate of 1.352 million in April. The number of privately-owned housing completed last month reached 1.514 million, 9.8% below the revised April estimate, the report released Thursday showed.
S&P 500, Nasdaq Retreat From Records as Nvidia Pulls Back | Wall Street Today
SECTORS
Crude oil futures advanced after weekly data showed U.S. crude and gasoline inventories fell at a time when renewed geopolitical tensions are fueling concerns of supply disruptions. U.S. commercial crude inventories fell by 2.5 million barrels for the week ended June 14, after posting two consecutive weekly gains, MarketWatch reported, citing data from the Energy Information Administration released Thursday.
S&P 500, Nasdaq Retreat From Records as Nvidia Pulls Back | Wall Street Today
Gold futures rose as the sell-off in U.S. equities boosted demand for haven assets. The $USD(USDindex.FX)$ also gained.
S&P 500, Nasdaq Retreat From Records as Nvidia Pulls Back | Wall Street Today


MOVERS
$Gilead Sciences(GILD.US)$ shares rallied after the company said it's twice-yearly antiviral injection prevented HIV in all of the test subjects who had received the treatment in a trial involving thousands of women and girls in South Africa and Uganda, according to a Barron's report. An independent data monitoring committee had stopped the Phase 3 trial because it had met its goal, the company said.
$Accenture(ACN.US)$ shares climbed after the company announced generative AI new bookings of over $900 million for a total of $2 billion fiscal year-to-date. That overshadowed its fiscal third quarter earnings and revenue t that missed analysts' estimates.
$Super Micro Computer(SMCI.US)$ shares gained after Elon Musk said he's using technology from the company and $Dell Technologies(DELL.US)$ in a supercomputer for his artificial intelligence company xAI.



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