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Wall Street experienced a relatively quiet day on Thursday, with major indices trading within tight ranges as investors remain cautious ahead of the highly anticipated May jobs report, set for release Friday.
After driving the broader stock market to record highs on Wednesday, chipmakers saw a slight pullback. Nvidia Corp. (NASDAQ:NVDA) dipped 3% as of 1 p.m. in New York.
In regulatory news, the U.S. Justice Department and the Federal Trade Commission have agreed to proceed with antitrust investigations into the dominant roles of Microsoft Corp. (NYSE:MSFT), OpenAI and Nvidia in the artificial intelligence industry, as reported by Reuters.
On the macroeconomic front, initial jobless claims rose more than expected last week, and first-quarter labor costs were revised lower. These developments bolstered market expectations that the Federal Reserve might begin cutting rates in the third quarter.
The European Central Bank announced a 0.25% rate cut, as widely anticipated, but emphasized the need for a data-dependent approach, proceeding meeting by meeting.
Commodities strengthened, supported by the prospect of further rate cuts by central banks. West Texas Intermediate light crude climbed 1.6% to $75 a barrel, following a 1.9% rally on Wednesday.
Gold, tracked by the SPDR Gold Trust (NYSE:SPY), rose 0.7%, while silver surged nearly 4%. Bitcoin (CRYPTO: BTC) fell slightly by 0.4%, potentially ending a five-day winning streak.
Major Indices | Price | 1-day %chg |
Dow Jones | 38,799.72 | 0.0% |
Nasdaq 100 | 19,028.41 | 0.0% |
S&P 500 | 5,345.02 | -0.2% |
Russell 2000 | 2,052.28 | -0.9% |
According to Benzinga Pro data:
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Illustration created using artificial intelligence via MidJourney.
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