S&P 500 briefly hits 5,500, closes lower with tech sector decline

From Investing.com: 2024-06-20 16:50:01

The S&P 500 closed lower after briefly reaching 5,500 for the first time, with Nvidia leading a tech sector decline amid weaker economic data. Nvidia lost its top spot to Microsoft, with AMD rising after being named a top pick by Piper Sandler. Accenture’s stock surged on AI adoption, while Trump Media Group’s potential stock dilution caused a drop. Gilead saw an 8% gain on successful HIV drug trial. Housing starts fell in May, and jobless claims were raised, leading Fed officials to express caution on rate cuts.

Earlier in the day, FOMC member Kashkari discussed the challenges of taming inflation and the timeline for reaching the Fed’s target.



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