The S&P 500 closed down 0.2% on Thursday after briefly surpassing the 5,500 milestone, as Nvidia's recent rally cooled, pulling the broader tech sector lower. The NASDAQ Composite fell 0.8%, while the Dow Jones Industrial Average rose 0.7%, gaining 299 points.
Nvidia lost its position as the most valuable company to Microsoft, with Nvidia's market cap falling to $3.217 trillion, slightly below Microsoft's $3.312 trillion. AMD's stock rose 4% after being highlighted by Piper Sandler for positive prospects in the second half of the year.
Super Micro Computer and Dell Technologies closed just below the flatline despite Elon Musk's announcement that his AI startup, xAi, would collaborate with them to build a supercomputer. Accenture's stock jumped over 7% due to strong annual revenue growth forecasts driven by AI adoption.
Trump Media & Technology Group's stock fell 14% following a SEC ruling that could dilute long-time investors' shares. Winnebago's stock dropped over 3% after disappointing earnings, and Gilead's stock surged 8% following successful trial results for its HIV drug, lenacapavir.
Economic data showed a slowing economy with initial jobless claims at 238,000 and housing starts dropping 5.5% in May. Fed officials expressed caution about cutting rates too soon, with Minneapolis Federal Reserve President Neel Kashkari noting that wage growth needs to decrease to achieve the 2% inflation target.
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