NEW YORK — U.S. stock indexes edged back from their records, weighed down by a rare dip for Wall Street darling Nvidia, following a mixed set of reports on the economy. The S&P 500 slipped 0.3% Thursday from its all-time high set before Wednesday’s holiday for financial markets. The Nasdaq composite also pulled back from its record, falling 0.8%. The Dow Jones Industrial Average beat the market with a gain of 0.8%. Nvidia gave up an early gain and fell 3.
Nvidia’s chips are helping to power the move into AI, which proponents see producing explosive growth in productivity and profits, and it’s already up 167% this year after more than tripling last year. In a show of how powerful AI can be, Accenture rose 7% even though the consulting and professional-services company reported weaker profit and revenue for the latest quarter than expected. In its earnings report, it highlighted how it won over $900 million in new bookings for generative AI to bring the total for its last three quarters to $2 billion.
Treasury yields ticked higher in the bond market following a spate of mixed reports on the economy. The number of U.S. workers filing for unemployment benefits eased last week, but not by as much as economists expected. A separate report said manufacturing in the mid-Atlantic is growing, but not as quickly as economists thought. Home builders, meanwhile, broke ground on fewer new homes last month than expected.
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