or S&P 500 retreated from its peak after breaching the 5,500 intraday mark for the first time in its history, while Nvidia cut its first gains. Nvidia and Apple led losses in tech stocks.
The index fell 0.25% to 5,473.17 points, after the peak of the session it strengthened by 0.34%, reaching a new record. THE Nasdaq fell 0.79% ending at 17,721.59 units, while o Dow Jones showed the best performance with gains of 299.90 points or 0.77%, recording the best session since May and ending at 39,134.76 points.
“At the time, it was a low volume period for the markets and there weren’t many drivers on a daily basis. There was a surprisingly strong build throughout the week, but some indicators are starting to show that the rally is too far,” said Nathan Kotler, head of trading at GenTrust.
Nvidia fell 3.5% after gaining early in the session. The chipmaker overtook Microsoft as the world’s most valuable publicly traded company on Tuesday, with its shares up more than 160% this year as enthusiasm for artificial intelligence continues to boost shares even as consumers begin to show in signs of spending fatigue.
Stocks are expected to end the week with gains after a streak of highs touched the S&P 500 and Nasdaq indexes. As the S&P 500 hits 31 consecutive all-time highs this year, few companies outside of technology have joined the party.
Meanwhile, new economic data reinforces arguments that the US economy is beginning to slow. Among the data are applications for granting unemployment benefits last week, as well as the construction of new homes.