Investing.com – The S&P 500 fell after briefing broke the 5,500 mark for the first time ever on Thursday, as Nvidia gave up gains, dragging the broader technology sector lower.
By 14:04 ET (18:04 GMT), the index was down 0.4% after earlier reaching an all-time high of 5,505.23. The index lost 1% and rose 253 points, or 0.7%.
Nvidia gives up gains, loses top spot to Microsoft; AMD jumps
NVIDIA Corporation (NASDAQ:) gave up gains to trade down more than 3%, ceding its position as Microsoft's most valuable company.
Nvidia's market cap fell to $3.26 trillion, just below Microsoft's (NASDAQ:) value of $3.31 trillion, with Apple (NASDAQ:) remaining in third place with $3.22 trillion.
However, Rival Advanced Micro Devices Inc (NASDAQ:) rose 4% after Piper Sandler named the chip maker a top pick, citing “bright spots” ahead for the second half of the year.
Meanwhile, shares of Super Micro Computer Inc (NASDAQ:) and Dell Technologies Inc (NYSE:) steadied after giving up gains that followed Elon Musk's announcement that his artificial intelligence startup xAi had tapped the two companies to help build a supercomputer.
Accenture catches AI fever; Trump Media and Technology Group withdraws from offering shares
Accenture (NYSE:) stock rose more than 7% after the IT services provider forecast higher-than-estimates annual revenue growth, as rising adoption of artificial intelligence offsets sluggish growth in enterprise spending.
Trump Media and Technology Group (NASDAQ:) stock fell 9%, adding to Tuesday's 10% loss, after a US Securities and Exchange Commission ruling allowed investors in the company's derivatives, known as warrants, to exchange their holdings for shares in the company that could… That relieves long-time investors.
Winnebago (NYSE:) stock fell 2.5% after the recreational vehicle maker's fiscal third-quarter earnings disappointed, with rising interest rates deterring buyers.
Housing starts fell in May
Economic data released earlier Thursday indicated a slowdown in the economy, reaching 238,000, higher than the 235,000 expected, while falling 5.5% in May.
A number of Fed officials have expressed caution about expecting interest rate cuts too soon, seeking more evidence that inflation has been tamed before the central bank agrees to ease monetary policy.
The FOMC member is scheduled to speak later in the session, and comes after the head of the Minneapolis Fed said it could take up to two years to return US inflation to the Fed's medium-term target.
Kashkari, who was speaking at the Michigan Bankers Association's annual conference earlier Thursday, said wage growth was too high to bring inflation back to the 2% target right now.
