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
Updates prices to close
By Chibuike Oguh
NEW YORK, June 6 (Reuters) -The S&P 500 and Nasdaq composite finished lower 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 fell 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 Fed begin cutting 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.
According to preliminary data, the S&P 500 .SPX lost 1.12 points, or 0.02%, to end at 5,352.91 points, while the Nasdaq Composite .IXIC lost 17.26 points, or 0.10%, to 17,170.64. The Dow Jones Industrial Average .DJI rose 76.38 points, or 0.20%, to 38,883.71.
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.
Shares of GameStop GME.N surged 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 after beating expectations for first-quarter profit and revenue on Wednesday.
U.S.-listed shares of NIO NIO.N 9866.HK dropped after the Chinese electric vehicle maker posted a quarterly net loss.
Five Below FIVE.O slumped after the discount store operator trimmed its annual net-sales forecast.
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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