Wall Street mixed as Nvidia retreat hits tech stocks; payrolls data in focus

June 6 - Wall Street struggled for direction on Thursday as AI-favorite Nvidia slipped after a tech-led rally in the previous session, and investors awaited a key labor market report ahead of the Federal Reserve's meetings next week to decide on interest rates.

Gains in Nvidia and other AI-related players have largely driven Wall Street's rally this year, with the chipmaker accounting for roughly a third of the S&P 500's over 12% year-to-date gains. The technology sector , opens new tab led declines with a 0.5% dip, while an index tracking chip stocks , opens new tab lost 0.8%.

Traders see a 68% chance of a September rate reduction, according to the CME's FedWatch tool, and have priced in about two cuts this year, as per data from LSEG. Forecasters polled by Reuters also expect two cuts. Five out of the 11 S&P 500 sectors were in gains, led by a 0.6% rise in consumer staples , opens new tab.At 12:08 p.m. ET, the Dow Jones Industrial Average , opens new tab was up 20.85 points, or 0.05%, at 38,828.18, the S&P 500 , opens new tab was down 4.87 points, or 0.09%, at 5,349.16, and the Nasdaq Composite , opens new tab was down 20.95 points, or 0.12%, at 17,166.95.

Five Below , opens new tab slumped 12.9% after the discount store operator trimmed its annual net-sales forecast.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street set for mixed open after labor market data; Nvidia continues to climbThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Stock market today: Wall Street ticks higher as Nvidia, GameStop and others leapNEW YORK (AP) — Most stocks are ticking higher as Wall Street approaches its recently set records. The S&P 500 was up 0.4% in early trading, coming off its sixth winning month in the last seven.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Nasdaq, S&P pop to records as Wall Street waits for Nvidia earningsInvestors biding their time for Nvidia results looked to retail earnings and Fedspeak for clues to the economy.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Wall Street firms up Nvidia price targets ahead of earningsNvidia (NVDA) reports its fiscal first-quarter earnings results after the closing bell on Wednesday, May 22. The chip giant has powered market rallies in...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »