Traders work on the floor of the New York Stock Exchange during afternoon trading on April 9, 2024.
Michael M. Santiago | Getty Images
The S&P 500 was little changed on Thursday, taking a pause after reaching a record, while traders awaited a key U.S. economic report.
The broad market index ticked down 0.08% after hitting an all-time intraday high earlier in the day. The Dow Jones Industrial Average rose 73 points. The Nasdaq Composite traded 0.1% lower.
Lululemon jumped 4% as the sportswear manufacturer beat expectations in its fiscal first quarter. Five Below sank 11% on lackluster results and guidance. Chipmaker Nvidia traded 2% lower and cooled from record highs seen earlier in the week.
Wall Street is looking ahead to Friday’s nonfarm payrolls report for May, with investors on the hunt for signs of a weakening labor market, which could support rate cuts from the Federal Reserve. Economists polled by Dow Jones expect a jobs gain of 190,000.
“To me, the market is still saying the economy is fine and not printing anything recessionary,” said Ross Mayfield, investment strategy analyst at Baird. “But it could be the case that the Fed has already been too tight for too long and the momentum of a cooling job market will be hard to stop once it starts.”
The report also comes after the European Central Bank cut rates for the first time since 2019 on Thursday, raising the pressure on the Federal Reserve to potentially lighten its policy that many see as too restrictive. The Fed next decides on rates next week and is likely to keep rates the same, though bets that they will cut in September are rising.
Stocks are coming off a winning session. The S&P 500 jumped 1.2% to close at a record, while the Nasdaq also hit an all-time high.
Nvidia powered those gains to top a $3 trillion market valuation and surpass Apple in value. Earlier this week, the company announced its next generation of artificial intelligence chips, known as “Rubin.”
