S&P 500, Nasdaq close slightly down ahead 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 0.20%, S&P down 0.02%, Nasdaq down 0.09%
Updates to 4:10 PM ET
By Chibuike Oguh
NEW YORK, June 6 (Reuters) -The S&P 500 and Nasdaq composite finished a shade loweron 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.
Utilities .SPLRCU and industrials .SPLRCI were the two other sectors that dragged the S&P 500 lower. The gainers were led by consumer discretionary .SPLRCD and energy .SPNY.
Nvidia NVDA.O fell 1.1% andwas back to being the world's third most valuable company the day after it jumped ahead of Apple AAPL.O to take second place.
Investors will watch Friday's crucial U.S. nonfarm payrolls report. The weekly jobless claims report was the latest data to indicate labor market easing, which could allow the Federal Reserve begin cutting interest rates. The European Central Bank delivered 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.
The Dow Jones Industrial Average .DJI rose 78.84 points, or 0.20%, to 38,886.17, the S&P 500 .SPX lost 1.07 points, or 0.02%, to 5,352.96 and the Nasdaq Composite .IXIC lost 14.78 points, or 0.09%, to 17,173.12.
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 year-to-date gains of over12%.
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.
Shares of GameStop GME.N surged 47% afterthe 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 6.8% afterthe Chinese electric vehicle maker posted a quarterly net loss.
Five Below FIVE.O slumped 10.6% afterthe discount store operator trimmed its annual net-sales forecast.
Advancing issues outnumbered decliners by a 1.05-to-1 ratio on the NYSE. On the Nasdaq, 1,729 stocks rose and 2,445 fell as declining issues outnumbered advancers by a 1.41-to-1 ratio.
The S&P 500 posted 25 new 52-week highs and 5 new lows while the Nasdaq Composite recorded 57 new highs and 110 new lows.
Total volume of shares traded across U.S. exchanges was about 10.4 billion, compared with the 12.7 billion average over the last 20 trading days.
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 and David Gregorio
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