S&P 500, Nasdaq dip on the eve of US payrolls data
Weekly jobless claims rise more than expected
Nvidia dips, back to third most valuable company
Nio falls after logging Q1 net loss
Lululemon up on topping quarterly estimates on China demand
Indexes: Dow up 0.08%, S&P down 0.11%, Nasdaq down 0.14%
New throughout, updates prices at 2:46 p.m. EDT
By Lisa Pauline Mattackal and Johann M Cherian
NEW YORK, June 6 (Reuters) - The S&P 500 and Nasdaq composite slipped on Thursday ahead of a key labor market report, retreating from record highs reached in the previous session. The Dow was slightly higher.
Benchmark S&P 500 .SPX and Nasdaq .IXIC rose early and reached fresh intraday record highs, but then they retreated as technology stocks .SPLRCT dipped.
Nvidia NVDA.O shed 2% and was back to being the world's third most valuable company the day after it jumped ahead ofApple AAPL.O to takesecond place. Six out of the 11 S&P 500 sectors were declining, led by utilities .SPLRCU and industrials .SPLRCI.
Investors will watch Friday'scrucial U.S. nonfarmpayrolls report. The weeklyjobless claims report was thelatest data to indicate labor marketeasing, which could allow theFed begin cutting rates. The European Central Bankdelivered its first interest rate cut since 2019.
"It's a little bit of a pause before non-farm," said Bill Strazzullo, chief market strategist at Bell Curve Trading in Boston. "It's not unusual. We had a big day yesterday and today people are getting their positions where they want to be before the payroll number," he said.
Gains in Nvidia and other AI-related players have largely driven Wall Street's rally this year, with the chipmaker accounting for roughly a third of the S&P 500's over 12% year-to-date gains.
Traders see a 68% chance of a September rate reduction, according to the CME's FedWatch tool, and have priced in about two cuts this year, as per data from LSEG. Forecasters polled by Reuters also expect two cuts.
"We are in an information vacuum between now and tomorrow," said Thomas Hayes, chairman at Great Hill Capital in New York. "But by and large we have entered a global, coordinated central bank easing policy in the West that excludes Japan, which will be tightening" he added.
At 02:46 p.m., the Dow Jones Industrial Average .DJI rose 30.14 points, or 0.08%, to 38,837.47, the S&P 500 .SPX lost 5.98 points, or 0.11%, to 5,348.05 and the Nasdaq Composite .IXIC lost 24.92 points, or 0.14%, to 17,162.98.
Shares of GameStop GME.Nsurged over 30% after the online stock influencer known as "Roaring Kitty" posted on YouTube that he would hold a livestream on Friday.
Lululemon Athletica LULU.O rose 4.8% after beating expectations for first-quarter profit and revenue on Wednesday.
U.S.-listed shares of NIO NIO.N 9866.HK dropped 6.4%after the Chinese electric vehicle maker posted a quarterly net loss.
Five Below FIVE.O slumped 11.4% after the discount store operator trimmed its annual net-sales forecast.
Declining issues outnumbered advancers by a 1.17-to-1 ratio on the NYSE. On the Nasdaq, 1,615 stocks rose and 2,523 fell as declining issues outnumbered advancers by a 1.56-to-1 ratio.
The S&P 500 posted 22 new 52-week highs and 5 new lows while the Nasdaq Composite recorded 54 new highs and 88 new lows.
Nvidia breaches $3-trillion valuation, overtakes Apple https://reut.rs/3KwLjBf
Reporting by Chibuike Oguh in New York; additional reporting by Lisa Mattackal and Johann M Cherian in Bengaluru; Editing by Shinjini Ganguli
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