S&P 500 turns lower after topping 5,500 for first time ever

Investing.com — The S&P 500 fell Thursday briefing topping the 5,500 milestone for the first time ever as Nvidia gave up gains, dragging the broader tech sector lower.

By 15:06 ET (19:06 GMT), the fell 0.4% after hitting an all-time high earlier of 5,505.23. The  lost 1%, and the was up 320 points, or 0.8%.

Nvidia gives up gains, losing no.1 spot to Microsoft; AMD jumps

NVIDIA Corporation (NASDAQ:) gave up gains to trade more than 3% lower, ceding its position as most valuable to company to Microsoft. 

Nvidia’s market cap fell to $3.26 trillion, just below Microsoft (NASDAQ:)’s of $3.31T, with Apple (NASDAQ:) remaining in third with $3.22T.

Rival Advanced Micro Devices Inc (NASDAQ:), however, traded up 4% after the Piper Sandler flagged the chipmaker as a top pick, citing its “bright spots” ahead for the second half of the year.  

Super Micro Computer Inc (NASDAQ:) and Dell Technologies Inc (NYSE:), meanwhile, were flat after giving up gains that had followed Elon Musk’s announcement that his AI startup xAi had tapped the two companies to help build a supercomputer.  

Accenture attract AI fever; Trump Media & Technology Group on potential stock dilution

Accenture (NYSE:) stock over 7% after the IT services provider forecast annual revenue growth above estimates, as growing adoption of artificial intelligence offsets sluggish growth in enterprise spending.

Trump Media & Technology Group (NASDAQ:) stock fell 13%, adding to Tuesday’s 10% losses, after a U.S. Securities and Exchange Commission ruling allowed investors in the firm’s derivatives, known as warrants, to swap their holdings for shares in the company which can dilute long-time investors. 

Winnebago (NYSE:) stock fell 4% after the recreational vehicle maker’s fiscal third-quarter earnings disappointed, with elevated interest rates deterring buyers.

Housing starts slumped in May 

Economic data released earlier Thursday pointed to a slowing economy, with coming in at 238,000, above the 235,000 expected, while slumped 5.5% in May.  

A series of Fed officials have expressed caution about expecting rate cuts too soon, seeking more evidence that inflation has been tamed before the central bank would agree to easing monetary policy.

FOMC member is set to speak later in the session, and follows Minneapolis Federal Reserve President saying it could take up to two years to get U.S. inflation back to the Federal Reserve’s medium-term target.

Kashkari, talking at the annual Michigan Bankers Association Convention earlier Thursday, said wage growth was too high to bring inflation back to the 2% target right now.

Peter Nurse contributed to this story