The S&P 500 and NASDAQ Composite pulled back from fresh all-time intraday highs on Thursday, with both indexes taking a breather from their gains in the previous session as the U.S. government shutdown continues on.
The Dow Jones Industrial Index gave up 172.69 points to greet the closing bell Thursday at 46,358.42. Among issues weighing the big market, Nvidia helped the 30-stock index restrict losses, rising more than 2% in the prior trading day after CEO Jensen Huang told reporters that computing demand has “gone up substantially” this year.
The much broader index lost 18.61 points to 6,735.11
The tech-heavy NASDAQ faded 18.75 points to 23,024.63.
Software vender Oracle was a bright spot Thursday, along with fellow AI play Nvidia, which secured a new all-time high. The two names moved 3% and almost 2% higher, respectively.
The pair had suffered losses earlier this week after a report said that Oracle’s cloud business is suffering from thinner margins as it faces challenges with renting out Nvidia chips.
Delta Air Lines CEO Ed Bastian told the media Thursday that while he hasn’t seen “any impacts at all” from the shutdown, “some impacts” could begin to appear “if this doesn’t get resolved, say beyond another 10 days or so.”
The stock was a winner during Thursday’s session, jumping 4% on better-than-expected earnings.
Costco was another gainer of the day, as shares rose 3% after the big-box retailer delivered solid September sales data. Tom Hainlin of U.S. Bank Asset Management believes that Delta’s and Costco’s reports are evidence of a resilient consumer in an uncertain macroeconomic environment.
Prices for the 10-year Treasury dipped, raising yields to 4.14% from Wednesday’s 4.13%. Treasury prices and yields move in opposite directions.
Oil prices removed $1.08 to $61.47 U.S. a barrel.
Gold prices dropped $79.30 to $3,991.20 U.S. an ounce.
