Market Seems To Take A Breath | $NVDA Slides 4% At Market Close | & More!
Market Madness: Nvidia’s Record-Breaking Streak Takes a Breather 😮💨
The stock market took a step back on Thursday, with the S&P 500 (GSPC) and Nasdaq Composite (IXIC) slipping from record highs. The culprit? incredible surge finally took a breather, dipping over 3% after catapulting to the title of world’s most valuable public company.
The AI Party Takes a Pause 🤖
Nvidia’s rise to the top has been nothing short of remarkable, with its stock up over 170% so far this year. But even the most enthusiastic AI fans couldn’t keep the party going on Thursday. Despite the dip, Nvidia remains the darling of the tech world, and its stock is still on fire.
Central Banks in Focus 🧘
Meanwhile, global central banks were making moves on Thursday. The Swiss National Bank cut rates for the second time this year, while the Bank of England kept its benchmark rate steady but hinted at a rate cut in the summer. In the US, traders are still betting on a Fed cut by September, according to the CME FedWatch tool.
Jobless Claims Dip, Oil Prices Rise 🛢️
In economic news, weekly jobless claims dipped by 5,000 to 238,000 last week, slightly above expectations. And in the energy sector, oil prices rose, with West Texas Intermediate ($CL=F) settling at $82.17 per barrel and Brent ($BZ=F) inching up to $85.71 per barrel. This lifted energy-related stocks, with the S&P 500 Energy Select ETF ($XLE) rising over 2%.
Amazon Disrupts the Streaming Ad Market 🚛
In other news, Amazon ($AMZN) is already making waves in the streaming advertising market. By defaulting all Prime Video subscriptions to ads, Amazon is changing the game for ad buyers and consumers alike. With Netflix ($NFLX) and Disney ($DIS) already in the ad-supported streaming space, the competition is heating up.
