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Stock Market Today: S&P 500 snaps win streak as rising yields steal Nvidia's shine

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Stock Market Today: S&P 500 snaps win streak as rising yields steal Nvidia's shine

Investing.com-- The S&P 500 closed lower Thursday, as rising Treasury yields on signs of sticky inflation dented rate-cut hopes offsetting an Nvidia-led charge higher in tech stocks.The S&P Global Flash US PMI Composite Output Index rose sharply from 51.3 in April to 54.4 in May, with the report also highlighting that"the rate of inflation accelerating to register the second-largest monthly increase seen over the past eight months.

Adding to fears about demand-led inflation, initial jobless claims fell more than expected in the week ended May 11. Some on Wall Street were keen to point out the Nvidia's customer base is broadening out beyond cloud service providers, likely diluting"the reliance on big US CSPs," UBS said.) stock sinking 8% on a report that the Department of Justice was planning a lawsuit against the firm over allegedly monopolistic practices by its Ticketmaster unit, and that lawmakers were also seeking a separation of Ticketmaster from the firm.

 

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