Stock Market Update: Nvidia Slide Halts Record Rally Amid Softening Economic Data
Money | June 21, 2024, 3:04 a.m.
US stocks closed mostly lower Thursday, breaking a streak of gains for the S&P 500 and Nasdaq. Nvidia dropped after reaching record highs earlier in the day, contributing to the decline. Traders were also analyzing weak housing-market data and elevated weekly jobless claims, indicating a softening US economy. The Dow Jones Industrial Average showed resilience, rising nearly 300 points. Economic indicators for the second quarter suggest another slow period of growth, with retail sales, housing starts, and jobless claims all weakening. These factors hint at a potential uptick in the unemployment rate. Overall, the market's mixed performance reflects ongoing uncertainty and challenges facing the US economy.