Stock Market Today: S&P 500 closes lower as tech rebound runs out of steam

Investing.com-- The S&P500 closed lower Thursday, giving up gains as Alphabet-led slump put the brakes on a tech rebound despite growing hopes for the Federal Reserve may deliver multiple rate cuts this year.) fell more than 3%, pressuring the rebound in tech amid worries that its search business is set for fierce competition from OpenAI's Search GPT.

"Management highlighted that the GenAI book of business has grown to over $2B since watsonx launched a year ago, ahead of expectations in our view," RBC said in a recent note.The strong results in the quarter for Service now"look sustainable given the prioritization of back-office solutions in 2024 IT budgets and growing adoption of non-Technology workflow solutions," Oppenheimer said in note.

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