Stock Market Today: S&P 500 ends just lower as May jobs report looms
Investing.com -- The S&P 500 closing flat Thursday, taking a breather after notching a record high a day earlier, as investors weighed up further signs of cooling in the labor market just a day ahead of the crucial monthly U.S. jobs report.
At 16:00 ET (20:00 GMT), Dow Jones Industrial Average rose 0.2%, or 78 points, while S&P 500 fell 0.02%, and NASDAQ Composite slipped 0.1%.
Cooling labor market boosts rate cut hopes; key jobs report eyed
The number of Americans filing for first-time unemployment benefits rose by more than anticipated last week, climbing 229,000, up from an upwardly revised total of 221,000 in the prior week, ahead of economists' forecasts of 220,000.
The latest sign of cooling in the labor market following similar data earlier with private payrolls and jobs openings falling short of estimates.
Friday sees the release of the widely-watched monthly payrolls report, with economists expecting the U.S. economy to have added 185,000 jobs, a modest uptick from the prior month.
Bets on global rate cuts are picking up steam after the European Central Bank delivered its first cut on Thursday.
Traders have ramped up bets that the Fed will cut rates by 25 basis points in September.
Nvidia eases after record highs
Nvidia (NASDAQ:NVDA) gave up intraday gains, falling 1% a day after crossing $3 trillion in valuation and overtaking Apple (NASDAQ:AAPL) as the second-largest company on Wall Street amid growing hype over its exposure to artificial intelligence.
The slip in Nvidia followed broader weakness across tech, with Apple, Meta Platforms (NASDAQ:META) closing lower.
Lululemon surges; Five Below, Victoria's Secret fall
Elsewhere, sportswear retailer Lululemon Athletica (NASDAQ:LULU) rose nearly 5% after reporting stronger-than-expected quarterly earnings, while also raising its annual guidance.
Discount retailer Five Below (NASDAQ:FIVE) slid 10% after posting a disappointing forecast for full year earnings.
Victoria's Secret (NYSE:VSCO) stock fell 7% after the lingerie chain posted a net loss of $4 million in the first quarter, citing caution around the broader retail environment in North America.
Gamestop jumps as 'Roaring Kitty' sparks fresh memestock fever
GameStop Corp (NYSE:GME) jumped 47% after the Keith Gill, also known as Roaring Kitty, who sparked the original meme stock rally in 2020, scheduled a livestream on Youtube.
In upcoming livestream, Gill is expected to shed light on his 5 million stake in Gamestop.
(Peter Nurse, Ambar Warrick contributed to this article.)
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