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.

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