S&P 500 closes lower after record high, weighed by chips stocks, economic data

 

S&P 500 closes lower after record high, weighed by chips stocks, economic data

By Echo Wang

Thu June 20, 2024 4:32 PM

After going great guns for a considerable stretch, Nvidia pulled back today which, in turn, pulled back the S&P and Nasdaq snapping a 7-session streak of Nasdaq records while the S&P broke the 5,500-mark in the morning before pulling back. Today’s reports showed the highest number of people on unemployment since January indicating a continuing cooling job market, which triggered more hopes for a September rate cut, the odds today at 58%. Minneapolis Fed prez said today that it would likely be 1-2 more years to reach 2% inflation goal. Volume remains well below average at 11.98 billion. 

DJ: 38,834.86  +56.76       NAS: 17,862.23  +5.21        S&P: 5,487.03  +13.80  6/18

DJ: 39,134.76  +299.90     NAS: 17,721.59  -140.64     S&P: 5,473.17  -13.86   6/20

Thu 6-20-24 4:32 pm S&P 500 closes lower after record high, weighed by chips stocks, economic data | Reuters