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Stock market today: Nvidia inches higher as S&P 500, Nasdaq hold near records

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Growing conviction for Fed rate cuts has buoyed megacap techs, injecting life into stocks more broadly.

US stocks were little changed on Thursday after a Big Tech-fueled winning session, with more labor data on deck to test investors' growing hopes for interest rate cuts. The S&P 500 wavered along the flatline on the heels of a record close. The Dow Jones Industrial Average was little changed while the tech-heavy Nasdaq Composite rose 0.1%. Stocks are regrouping after the roaring rally that also lifted the Nasdaq to an all-time high on Wednesday.

The market has greeted recent soft economic readings as a reason to put a Federal Reserve policy pivot back on the table, with the ADP private payrolls miss just the latest sign of a labor market cooldown. Traders now see a 69% chance of a September rate cut, versus around 50% a week ago, according to the CME FedWatch tool. Meanwhile across the pond, the European Central Bank cut interest rates by 25 basis points on Thursday for the first time since 2019, in a widely anticipated move.

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