4:05pm: Market calm before labor data release
US stocks remained relatively stable at the close despite hovering near record highs as investors awaited labor market updates amid rising hopes for interest rate cuts.
The S&P 500 dipped slightly below the flatline to finish at 5,393 points while the Dow Jones gained 0.2% at 38,886 and the Nasdaq dropped 0.1% to 17,171.
Tech stocks, particularly Nvidia, which had recently surpassed Apple as the second-largest US company, fluctuated throughout the day, with Nvidia falling over 1%.
Treasury yields rose, with the 10-year yield edging up to around 4.30%.
Investors are increasingly betting on a Federal Reserve rate cut in September, with the likelihood now seen at 69%, up from 50% a week ago, influenced by recent economic data indicating a labor market slowdown.
Tomorrow's jobs report for May is also on the docket, with analysts at UBS expecting both private and total nonfarm payroll employment to expand by 165,000.
12:12pm: Stocks steady
US stocks were little changed at midday, holding near record highs on a fresh surge in Nvidia’s stock price and central banks cutting rates.
The Nasdaq slipped 0.1% as chipmaker Nvidia fell 1.4% to about $1,207 from its all-time high achieved on Wednesday.
The Dow Jones was up 0.1% at 38,834 points and the S&P 500 was down 0.1% at 5,350 points.
“It was a wobbly start to June, but with Nvidia’s market cap topping $3 trillion, the Nasdaq 100 at record highs and the ECB cutting rates, it feels like a good time to be an investor,” IG chief market analyst Chris Beauchamp commented.
“Oil prices are down too, which will allay a lot of inflation fears. The attention now turns to tomorrow’s NFP data - investors are on watch for any repeat of Wednesday’s ADP data that might hint at a rate cut sooner rather than later.”
9.51am: Wall Street opens flat
US stocks have opened relatively flat a day, but the S&P 500 has continued to push ahead from yesterday's record highs, up 0.11% or 6 points.
Meanwhile, the Dow Jones has remained flat at 38,822 and the Nasdaq has lifted 0.18% or 30 points.
In equities, Lululemon, the sports clothing retailer, lifted around 5% after it beat Wall Street guidance with its first-quarter report.
Robinhood popped 6% following it sealing a deal to acquire crypto exchange Bitstamp for US$200 million, helping form part of the group's expansion outside of the US.
Discount store chain Five Below (NASDAQ:FIVE) (Five Below (NASDAQ:FIVE)) dropped 15% after its sales missed analyst estimates, with the effect of inflation still dampening its performance.
8.53am: Jobless claims at four-week high
US weekly jobless claims are in.
The initial reading for the week ending last Saturday that claims rose to a four-week high of 229k, above the 220k expected and the prior week's 219k.
Continued jobless claims were also up, to 1.792 million from 1.791 million, beating the 1.790 million expected.
8am: S&P and Dow Jones to dip on Thursday
Wall Street stock indices are expected to start in subdued fashion on Thursday, following the giant leaps made a day earlier.
S&P 500 and Dow Jones futures are pointing to declines of around 0.1%, while Nasdaq 100 futures are just above flat.
Last night Nvidia rocketed 5% to a new record higher, leading to a tech melt-up, as the Nasdaq Composite index surged 1.95% and the S&P 500 jumped 1.18% to new all time highs, with the Dow Jones rising a more humdrum 0.25%.
Nvidia's continued ascent, up 154% this year, meant it topped a $3 trillion market cap and overtook Apple to become the second-largest company in the world by market valuation.
Driving the mood yesterday were various factors, including weak ADP data and Canada's central bank cutting rates.
Lower yields boosted appetite in global indices, said market analyst Ipek Ozkardeskaya at Swissquote Bank. "The Canadian TSX rebounded past its 50-DMA, the European SXXP jumped while the S&P 500 was catapulted to a fresh record for the 25th time this year.