S&P 500, Nasdaq slip from records as Nvidia dips

Live12 updates

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  Thu, June 20, 2024 at 4:02 PM EDT

  S&P 500 slips from record after briefly touching 5,500 level, Nasdaq also falls as Nvidia declines

  Stocks ended Thursday’s trading session mixed with the Nasdaq Composite (^IXIC) and S&P 500 (^GSPC) just off their record highs.

  The Nasdaq fell about 0.8% while the S&P 500 slid 0.2% after briefly surpassing the 5,500 level earlier in the session.

  Nvidia stock (NVDA) reversed its gains from earlier in the day to lose more than 3% as technology stocks declined.

  The Dow Jones Industrial Average (^DJI) rose 0.8%.

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  Thu, June 20, 2024 at 3:41 PM EDT

  Chip stocks lead decline on Nasdaq, S&P 500

  Chip stocks were among Thursday’s laggards, dragging on the Nasdaq (^IXIC) and S&P 500 (^GSPC).

  Shares of Nvidia (NVDA) fell more than 3%, while Broadcom (AVGO) also fell. Qualcomm (QCOM) and Micron (MU) also fell.

  Nvidia erased earlier session gains as the stock, along with other technology-related names, weighed on the Nasdaq.

  The S&P 500 briefly touched the 5,500 level this morning before falling in afternoon trading.

  

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  Thu, June 20, 2024 at 3:06 PM EDT

  Oil prices rise, help lift energy related stocks

  On Thursday, West Texas Intermediate (CL=F) rose slightly to settle at $82.17 per barrel, while Brent (BZ=F), the international benchmark price, inched to $85.71 per barrel.

  WTI is on pace for its second weekly gain following a sell-off in May. US crude futures are up roughly 14% year to date, while Brent has gained 12% during the same period.

  Higher oil prices lifted energy-related stocks on Thursday, with the S&P 500 Energy Select ETF (XLE) rising more than 2%.

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  Thu, June 20, 2024 at 2:15 PM EDT

  Amazon is already disrupting the streaming advertising market — here’s how

  Yahoo Finance’s Allie Canal reports:

  Amazon (AMZN) entered the ad-supported streaming space in January by defaulting all of its Prime Video subscriptions to ads. Just six months later, the tech giant’s impact is already being felt.

  Prime Video subscriptions now automatically default to the ad-supported tier at current monthly rates of $14.99 for Prime delivery members and $8.99 for non-Prime members —or those who only subscribe to the standalone video service. Subscribers who want the ad-free version will now see their monthly bill go up by $3 a month.

  Amazon’s entrance builds on the presence of Netflix (NFLX) and Disney (DIS), which introduced their respective ad tiers in late 2022. That means an already accelerated expansion of ad-supported options for consumers — along with prospective ad buyers.

  Read more here.

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  Thu, June 20, 2024 at 1:36 PM EDT

  Nvidia erases session gains, falls 4%

  Nvidia (NVDA) stock erased its morning session gains to dip more than 4% on Thursday. The chip giant opened higher before falling into red territory and dragging on the Nasdaq and S&P 500.

  Nvidia surpassed Microsoft (MSFT) on Tuesday as the most valuable company in the world. On Thursday afternoon however, the software giant took back the crown as its valuation sat slightly above Nvidia’s market cap.

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  Thu, June 20, 2024 at 12:55 PM EDT

  Stocks turn negative after S&P 500 briefly crosses 5,500 level

  The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) slipped into red territory on Thursday, reversing earlier morning gains.

  Both indexes opened the session higher with the S&P 500 briefly crossing the 5,500 level. By 12:50 p.m. ET the broader benchmark was down nearly 0.2% while the tech-heavy Nasdaq declined 0.5%.

  The Dow Jones Industrial Average (^DJI) still clung to gains as Salesforce (CRM) and ExxonMobil (XOM) led the blue-chip index up 0.4%.

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  Thu, June 20, 2024 at 12:32 PM EDT

  Dell, Super Micro stocks on the move after Musk says companies will supply hardware for xAI

  Shares of Dell (DELL) and Super Micro Computer (SMCI) popped Thursday after xAI founder Elon Musk said the companies are providing hardware for the supercomputer his AI startup is building.

  As Yahoo Finance’s Hamza Shaban reports, the moves higher underscore Wall Street’s excitement around AI technology.

  Investors are clamoring to buy into AI businesses at every level of development, from major consumer-facing brands selling AI-powered apps to manufacturers providing the chips and servers powering the computing infrastructure.

  Shares of Dell rose as high as 5% Thursday, while Super Micro’s stock climbed nearly 9% before paring gains.

  Dell’s CEO Michael Dell set up the jump for his company’s share price when he said in a post on X Wednesday, “We’re building a Dell AI factory with Nvidia to power Grok for xAI.”

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  Thu, June 20, 2024 at 11:47 AM EDT

  Energy stocks lead gains

  Energy-related stocks led Thursday’s gains, with the S&P 500 Energy Select ETF (XLE) up more than 1%, helping boost the S&P 500 (^GSPC) to new highs.

  Oil giants ExxonMobil (XOM) and Chevron (CVX) each rose more than 1.5%. The energy sector has gained more than 7% this year compared to the broader benchmark’s 15% year-to-date gains.

  On Thursday, the S&P 500 rose as much as 0.5%, briefly crossing the 5,500 level for the first time.

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  Thu, June 20, 2024 at 10:51 AM EDT

  Trending tickers on Thursday

  The top trending tickers on Yahoo Finance on Thursday were all tech-related.

  Nvidia (NVDA)

  Shares of the chip giant rose as much as 3% Thursday morning, climbing to new highs. Earlier this week Nvidia overtook Microsoft (MSFT) as the most valuable company in the world.

  Dell Technologies (DELL)

  Dell stock rose after CEO Michael Dell revealed the hardware giant was collaborating with Nvidia to construct an AI factory for xAI, Elon Musk’s artificial intelligence venture.

  “We’re building a Dell AI factory with @nvidia to power @grok for @xai @elonmusk,” wrote Dell on X on Wednesday.

  Super Micro Computer (SMCI)

  SMCI jumped more than 8% after billionaire Elon Musk indicated that his artificial intelligence startup xAI will utilize Dell and Super Micro Computer’s server racks.

  Year to date the stock is up more than 240%.

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  Thu, June 20, 2024 at 10:06 AM EDT

  S&P 500 crosses 5,500 for first time ever, Nasdaq also climbs to new highs

  The S&P 500 (^GSPC) crossed the 5,500 level for the first time on Thursday as Nvidia (NVDA) stock continued its steady climb.

  The broader index rose 0.5% after notching its 31st record close of the year on Tuesday.

  Tech-heavy Nasdaq Composite (^IXIC) inched 0.3% higher to also touch record highs during Thursday’s session.

  The Dow Jones Industrial Average (^DJI) rose 0.3%.

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  Thu, June 20, 2024 at 9:50 AM EDT

  Housing starts hit 4-year low as construction ‘continues to falter’

  New government data released Thursday showed construction activity for residential housing tumbled to the lowest level in four years.

  Housing starts declined 5.5% in May from the previous month to a seasonally adjusted rate of 1.277 million. Economists polled by Bloomberg were expecting starts to come in at 1.370 million.

  “The drop in housing starts in May is consistent with the recent slowdown in permit issuance, pointing to construction continuing to falter this year,” Thomas Ryan, North America economist at Capital Economics, wrote after the release.

  “This challenges our forecast that construction, particularly in the single-family sector, would flourish this year given the lack of alternatives for buyers in the resale market.”

  Separate data released Wednesday showed that homebuilders are losing confidence about the housing market. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell to a five-month low of 43 in June. Builders noted that 7% mortgage rates were the culprit, pushing many would-be buyers to the sidelines.

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  Thu, June 20, 2024 at 9:32 AM EDT

  S&P 500 hits new high as Nvidia continues to climb

  The Nasdaq and S&P 500 opened higher on Thursday as shares of Nvidia (NVDA) continued to climb.

  The S&P 500 (^GSPC) gained roughly 0.4% to hit a fresh record high after notching its 31st record close of the year on Tuesday. The tech-heavy Nasdaq Composite (^IXIC) climbed 0.3%. The Dow Jones Industrial Average (^DJI) fell just below the flatline.

  Nvidia became the world’s most valuable public company on Tuesday. Its ascension following the Juneteenth holiday continued on Thursday morning as shares rose more than 2%.