Stock Market Today: S&P 500 slips after briefly topping 5,500 for first time ever

Investing.com -- The S&P 500 closed lower Thursday after briefing topping the 5,500 milestone for the first time ever as Nvidia cooled its recent rally, dragging the broader tech sector lower and flurry of economic data pointing to signs of a weaker economy.

By 16:00 ET (20:00 GMT), the S&P 500 fell 0.2% after hitting an all-time high earlier of 5,505.23. The NASDAQ Composite lost 0.8%, and the Dow Jones Industrial Average was up 299 points, or 0.7%.

Nvidia loses no.1 spot to Microsoft; AMD jumps

NVIDIA Corporation (NASDAQ:NVDA) 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 $3.217 trillion, just below Microsoft (NASDAQ:MSFT)'s of $3.312T, with Apple (NASDAQ:AAPL) remaining in third with $3.215T.

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

Super Micro Computer Inc (NASDAQ:SMCI) and Dell Technologies Inc (NYSE:DELL), meanwhile, closed just below the flatline 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:ACN) 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:DJT) stock fell 14%, 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:WGO) stock fell more than 3% after the recreational vehicle maker’s fiscal third-quarter earnings disappointed, with elevated interest rates deterring buyers.

Gilead (NASDAQ:GILD) racked up an 8% gain after reporting its HIV drug, lenacapavir, was 100% effective in preventing infection in women in a late-stage clinical trial.   

Housing starts slumped in May, jobless claims raise

Economic data released earlier Thursday pointed to a slowing economy, with initial jobless claims coming in at 238,000, above the 235,000 expected, while housing starts 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 Thomas Barkin is set to speak later in the session, and follows Minneapolis Federal Reserve President Neel Kashkari 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