Stocks slip after record high session, Nvidia falls, interest rate cuts expected.

From Yahoo Finance: 2024-06-06 12:36:38

US stocks slipped on Thursday after a Big Tech-fueled winning session, with hopes for interest rate cuts. The S&P 500, Dow Jones, and Nasdaq Composite dipped, with Nvidia overtaking Apple as the 2nd biggest US company. Nvidia shares fell below $3 trillion market cap, while Apple and Meta were stable. Treasury yields edged up to 4.30%, indicating a labor market cooldown. European Central Bank cut interest rates by 25 basis points. Weekly jobless claims at 229,000 point to potential Fed rate cut. Lululemon shares surged 4% after boosting profit outlook and stock buyback program. Oil gained on ECB rate cut and Saudi Arabia’s output cut flexibility. Nvidia stock reversed gains to dip into negative territory. Commercial PC market rebounding suggested by major PC makers’ results. Chipotle CEO Brian Niccol elected to Walmart board. Lululemon’s post-earnings pop may be overdone compared to previous quarters.



Read more at Yahoo Finance: Nvidia dips as S&P 500, Nasdaq slip from record