- Small Quebec company dominates one part of NHL hockey: jerseys
- Comoros shock Tunisia, Salah, Mbeumo strike in AFCON qualifiers
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Germany win in Nations League as 10-man Dutch rescue point
- Undav brace sends Germany to victory against Bosnia
- Israel says fired at 'threat' near UN position in Lebanon
- Want to film in Paris? No sexism allowed
- Ecuador's last mountain iceman dies at 80
- Milton leaves at least 16 dead, millions without power in Florida
- Senegal set to announce breakaway development agenda: PM
- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
- Tears, warnings after Japan atomic survivors group win Nobel
- 'Unspeakable horror': the attacks on Hiroshima and Nagasaki
- Stock markets diverge before China weekend briefing
- Christian villagers 'trapped' in south Lebanon crossfire
- Sabalenka sets up Gauff showdown in Wuhan semis
- EU questions shopping app Temu over illegal products risk
- Kim Sei-young holds lead with late birdies at LPGA Shanghai
- Toulouse welcome Dupont 'boost' as Olympic star returns to Top 14
- Japanese atomic bomb survivor group Nihon Hidankyo wins Nobel Peace Prize
- Deadly Israeli strike on Beirut likely targeted Hezbollah security chief
Nvidia suffers rare retreat as Nasdaq streak ends
The torrid rally in Nvidia and other artificial intelligence-linked equities took a pause Thursday, leaving the tech-centered Nasdaq lower following seven straight records.
Both the Nasdaq and the S&P 500 retreated from records, while the Dow pushed higher following an up session on European bourses.
"When a handful of stocks are pulling the market higher, what happens when those stocks go down?" asked Steve Sosnick of Interactive Brokers. "It makes things very fragile when they stop."
But "there is no reason to panic," Sosnick added.
Market enthusiasm for artificial intelligence has driven a surge in tech stocks, in particular for Nvidia which produces high-end processors prized for AI applications.
Nvidia's market capitalization edged past Microsoft on Tuesday to become the world's most valuable publicly traded company. But with Thursday's 3.5 percent drop, Microsoft was back on top at the end of Thursday's session.
Initial jobless claims for last week came in slightly higher than expected, while housing starts fell.
"This morning's economic data was aligned with an economic slowing that could raise questions about the achievability of earnings growth expectations and the Fed's decision to keep its policy rate higher for longer," said market analyst Patrick O'Hare of Briefing.com.
Data showing slowing growth gives the Federal Reserve some freedom to ease monetary policy, but so far US central bank officials have indicated they wanted to see more evidence of inflation coming down before committing to an interest cut.
- Central banks -
Elsewhere, Switzerland's franc dipped against the dollar after the Swiss National Bank (SNB) announced its second straight interest rate cut, having become in March the first Western central bank to slash borrowing costs that had been raised to battle inflation.
The Bank of England held rates steady as expected ahead of the UK's July 4 general election, as did Norway's central bank.
The BoE's decision to keep its key rate at a 16-year-high came just a day after official data showed UK headline consumer inflation had finally come down to the bank's two percent target.
But the statement opened the door to a rate cut in August, according to Kathleen Brooks, research director at trading firm XTB, pleasing the stock market but hitting the pound.
"The market has taken today's news as a step in the direction of a rate cut at the next BoE meeting. The market is now pricing in a 60 percent chance of a rate cut in August, up from a 35 percent chance before the meeting," she said.
The European Central Bank cut its rate earlier this month, while the US Federal Reserve is expected to introduce only one rate reduction this year.
- Key figures around 2030 GMT -
New York - Dow: UP 0.8 percent at 39,134.76 (close)
New York - S&P 500: DOWN 0.3 percent at 5,473.17 (close)
New York - Nasdaq Composite: DOWN 0.8 percent at 17,721.59 (close)
London - FTSE 100: UP 0.8 percent at 8,272.46 (close)
Paris - CAC 40: UP 1.3 percent at 7,671.34 (close)
Frankfurt - DAX: UP 1.0 percent at 18,254.18 (close)
EURO STOXX 50: UP 1.3 percent at 4,947.73 (close)
Tokyo - Nikkei 225: UP 0.2 percent at 38,633.02 (close)
Hong Kong - Hang Seng Index: DOWN 0.5 percent at 18,335.32 (close)
Shanghai - Composite: DOWN 0.4 percent at 3,005.44 (close)
Euro/dollar: DOWN at $1.0705 from $1.0744 on Wednesday
Euro/pound: UP at 84.56 pence from 84.46 pence
Dollar/yen: UP at 158.91 yen from 158.09 yen
Pound/dollar: DOWN at $1.2657 from $1.2720
West Texas Intermediate: UP 0.7 percent at $82.17 per barrel
Brent North Sea Crude: UP 0.8 percent at $85.71 per barrel
burs-jmb/bjt
Th.Berger--AMWN