S&P 500, Nasdaq Retreat From Records as Nvidia Pulls Back | Wall Street Today

The S&P 500 and the Nasdaq retreated from record highs as Nvidia shares pulled back, accelerating declines for the semiconductor industry.

Nvidia's 3.5% decline on Thursday shaved more than $200 billion off the company's market capital, forcing the chipmaker to give back the crown for the most valuable company to $Microsoft(MSFT.US)$. The stock market declined amid weak economic data. Weekly jobless claims rose more than expected, while builders are starting home construction at a slower place, providing little relief to high housing prices that are adding upward pressure to inflation.

The $S&P 500 Index(.SPX.US)$ fell 0.25% to 5473.17 on Thursday, while $Nasdaq Composite Index(.IXIC.US)$ declined 0.79% to 17721.59. The $Dow Jones Industrial Average(.DJI.US)$ bucked the downtrend, closing 0.77% higher at 39134.76.

Gold futures rose as the sell-off in U.S. equities boosted demand for haven assets. The $USD(USDindex.FX)$ also gained.

$Gilead Sciences(GILD.US)$ shares rallied after the company said it's twice-yearly antiviral injection prevented HIV in all of the test subjects who had received the treatment in a trial involving thousands of women and girls in South Africa and Uganda, according to a Barron's report. An independent data monitoring committee had stopped the Phase 3 trial because it had met its goal, the company said.

$Accenture(ACN.US)$ shares climbed after the company announced generative AI new bookings of over $900 million for a total of $2 billion fiscal year-to-date. That overshadowed its fiscal third quarter earnings and revenue t that missed analysts' estimates.

$Super Micro Computer(SMCI.US)$ shares gained after Elon Musk said he's using technology from the company and $Dell Technologies(DELL.US)$ in a supercomputer for his artificial intelligence company xAI.