S&P Tails off After Surmounting 5,500

The S&P 500 pulled back on Thursday after briefly passing the 5,500 level for the first time ever as market bellwether Nvidia gave up earlier gains.

The Dow Jones Industrials vaulted 299.9 points to 39,134.76.

The much-broader index dumped 13.86 points to 5,473.17.

The NASDAQ faded 140.65 points, to 17,721.59.

Nvidia declined 3.5% after rising earlier in the session. The chipmaker temporarily unseated Microsoft as the most valuable public company on Tuesday. Shares have climbed more than 160% this year as the AI boom continues to boost equities even as consumers show slowing signs of spending.

Darden Restaurants edged up 1.5% after topping earnings expectations. Gilead Sciences popped 8.5% and notched its best day since 2022 following a successful late-stage trial of its HIV prevention shot.

Stocks are headed for a winning week, with the S&P 500 and Nasdaq notching new records. The stock market was closed Wednesday for the Juneteenth holiday.

Fresh economic data released Thursday contributed to some recent signs of a slowing economy. That data included higher-than-expected weekly jobless claims and poor housing starts and permits. A reading of the Philadelphia fed Manufacturing Index also came in below expectations.

Prices for the 10-year Treasury sagged, raising yields to 4.26% from Tuesday’s 4.21%. Treasury prices and yields move in opposite directions.

Oil prices gained 77 cents to $82.34 U.S. a barrel.

Gold prices rose $25.20 to $2,372.20