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S&P 500, Nasdaq Take a Pause After Climbing to Records | Wall Street Today

Moomoo Recap US wrote a column · Jun 6 15:55
S&P 500, Nasdaq Take a Pause After Climbing to Records | Wall Street Today
US stocks took a breather after the S&P 500 and the Nasdaq Composite climbed to records yesterday as investors await a key jobs data that could help convince the U.S. Federal Reserve to start cutting interest rates in the next few months.
The $S&P 500 Index(.SPX.US)$ closed almost flat at 5352.25, while the $Nasdaq Composite Index(.IXIC.US)$ slipped less than 0.1% to 17173.12. $NVIDIA(NVDA.US)$, which fueled the indexes' rally to a record Wednesday, slipped Thursday, as investors awaited the 10-for-1 stock split set to be implemented after close tomorrow.
The $Dow Jones Industrial Average(.DJI.US)$ gained 0.2% to 38886.17.
The U.S. Department of Labor will release Friday morning the non-farm payroll data that could signal whether the labor market is softening.
Tomorrow's non-farm payroll data follows today's report on jobless claims which showed the total of workers filing for unemployment benefits is still below the level from the same period a year earlier, even as the data for the week ended June 1 showed a slight uptick.
Earlier this week, the Bureau of Labor Statistics said the number of job openings in April fell to a two-year low of 8.1 million. The number of those leaving their jobs fell to 3.5 million, from 3.6 million a year earlier, which could signal less confidence among workers that they could find higher paying work elsewhere.
$Gold Futures(AUG4)(GCmain.US)$ advanced as the $USD(USDindex.FX)$ weakened, boosting the investment appeal of the precious metal for holders of other currencies.
S&P 500, Nasdaq Take a Pause After Climbing to Records | Wall Street Today
$Coinbase(COIN.US)$ shares gained for a fourth session amid increasing appetite for Bitcoin that has fueled hundreds of millions in inflows into exchange-traded funds backed by the cryptocurrency. On Tuesday, the ETFs had a combined net inflow of $886.6 million, the biggest since March 12, data from CoinGlass showed. Those funds now have a combined market capital of $63.7 billion, according to the data.
The rally is also spurring increased trading in the options market. Coinbase saw almost $222 million in combined call option block trades.
S&P 500, Nasdaq Take a Pause After Climbing to Records | Wall Street Today
$NVIDIA(NVDA.US)$ rally pulled back ahead of its stock split after its record-breaking rally took the company's market capital above $3 trillion yesterday, monetarily surging past Apple to become the second most-valuable company. The decline Thursday put Nvidia's market cap back below the $3 trillion mark.
S&P 500, Nasdaq Take a Pause After Climbing to Records | Wall Street Today
$NIO Inc(NIO.US)$ shares declined after the Chinese automaker reported first quarter revenue that missed analysts' estimates. Revenue fell 7.2% to 9.91 billion renminbi, while five analysts estimated 10.45 billion renminbi, MT Newswires reported.
WORD FROM THE HEARD: Mooers, what are you watching?
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