On Wall Street, the S&P 500 narrowly surpasses 5,500 points for the first time in history, while Nvidia’s market leadership is sustained. The New York stock market reversed the trend set by futures before the market opened following employment data that, despite being adverse, failed to stop the enthusiasm for artificial intelligence.
Thus, the S&P 500 rises this Thursday to briefly exceed 5,500, as the rally driven by Nvidia shows no signs of slowing down. The broad market index remains near the waterline, while the Nasdaq Composite climbs 0.2%.
The industry averagel Dow Jones rises 150 points, or 0.4%. The actions of Nvidia climbs 2.8%consolidating the gains from the pre-holiday session on the New York Stock Exchange (NYSE) that cemented the chipmaker as the most valuable public company in the world.
Shares of the de facto market leader have risen more than 180% this year, as the rise of AI continues to boost stocks even as consumers show signs of slowing spending and some potential economic weakness.
Fresh data on the US economy
The economic data released this Thursday contributed to the consolidation of some recent signs of a slowing economy. That data included higher-than-expected weekly jobless claims and a poor performance in the housing construction and permit index..
A reading of the Philadelphia Fed Manufacturing Index also came in below expectations. Still, stocks are headed for a winning week after the S&P 500 hit a new record on Tuesday, along with the Nasdaq Composite and another record this Thursday.
The stock market was closed on Wednesday for the Juneteenth holiday, but excitement around AI has continued to drive the New York market in recent weeks. Some commentators have expressed concern about the lack of market breadth outside the largest technology companies, which could get worse, although the negative sentiment has not yet fully influenced stocks which have continued to break records.
Finally, jobless claims are rising, with a short-term trend measure at its highest level in more than nine months. Jobless claims totaled 238,000 for the week ending June 15, bringing the four-week moving average, which helps smooth out volatility in the numbers, to 232,750, the Labor Department reported Thursday.
That was an increase of 5,500 from the previous week and the highest level since Sept. 2, 2023. The four-week moving average of continuing claims also increased, rising to 1.806 million, the highest level since Feb. 10 .
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
