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Wall Street drifts as Nvidia loses some more momentum

Wall Street drifts as Nvidia loses some more momentum
Wall Street drifts as Nvidia loses some more momentum

 


NEW YORK (AP) U.S. stocks closed out their latest winning week Friday, as Nvidia stock continued to cool off after its surprising supernova run.

The S&P 500 slipped 0.2%, but remained near its all-time high set Tuesday and capped its eighth winning week in the last nine. The Dow Jones Industrial Average edged up 15 points, or less than 0.1%, while the Nasdaq composite fell 0.2%.

Nvidia still struggled on the market after a fall of 3.2%. The company's shares have soared more than 1,000% since October 2022 on frenzied demand for its chips, which are powering much of the world's move toward artificial intelligence technology, and it briefly supplanted Microsoft this week as the most valuable company on Wall Street.

But nothing goes up forever, and Nvidias fell in the last two days and sent its stock to its first losing week in the last nine.

Much of the rest of Wall Street was relatively quiet, except for a few outliers.

Sarepta Therapeutics jumped 30.1% after U.S. regulators approved the use of its drug for children with Duchenne muscular dystrophy who are at least 4 years old.

Gunmaker Smith & Wesson Brands fell 12.9% despite a profit for the latest quarter that was higher than analysts expected. Summer is traditionally a slower season for firearms, according to CEO Mark Smith.

Shares of Trump Media & Technology Group recovered from an initial loss and rose 3.4%, narrowing their loss for the week to 25.3%. The company behind Donald Trump's Truth Social platform has seen its shares drop by nearly half since the former president's conviction in late May on charges in a scheme to illegally influence the 2016 election by paying money. hush money to a porn actor who said the two had sex. .

Overall, the S&P 500 fell 8.55 points to 5,464.62. The Dow Jones Industrial Average rose 15.57 to 39,150.33, and the Nasdaq composite fell 32.23 to 17,689.36.

In the bond market, U.S. Treasury yields initially fell after a report suggested that trading activity among countries using the euro was weaker than economists expected. Concerns are already high for the continent in the run-up to French elections which could further shake the financial markets.

The weak economic activity report pushed yields lower in Europe, which initially put pressure on Treasury yields. But U.S. yields recovered much of those losses after another report indicated later in the morning that U.S. business activity could be stronger than expected.

Overall output growth rose to its highest level in 26 months, according to preliminary figures from S&P Global on activity at U.S. manufacturing and service companies. Perhaps more importantly for Wall Street, this strength could occur without a concomitant increase in inflation pressures.

Historical comparisons indicate the latest drop brings the survey's price gauge in line with the federal government's 2% inflation target, according to Chris Williamson, chief economist at S&P Global Market Intelligence.

The Federal Reserve finds itself in a precarious situation, where it is trying to slow the economy by raising interest rates just enough to bring high inflation down to 2%. The thing is, he wants to cut interest rates at exactly the right time. If we wait too long, the economic slowdown could turn into a recession. If it is too early, inflation could reaccelerate.

Traders are still hopeful the Fed will succeed, with many predicting at least two interest rate cuts later this year, according to CME Group data. Of course, their predictions have repeatedly proven overly optimistic throughout history.

Fed officials themselves have planned one or two cuts in 2024 to their main interest rate, which is at its highest level in more than two decades. The economy continues to grow, although it has slowed recently under the weight of high interest rates. Real estate and manufacturing have been particularly hard hit, while low-income households are struggling to keep up with continued price increases.

The 10-year Treasury yield fell slightly to 4.25% from 4.26% Thursday evening. The yield on the two-year Treasury note, which more closely tracks expectations for Fed action, fell to 4.73% from 4.74%.

In overseas stock markets, European shares fell after weak continental economic reports, and many Asian indexes also fell. Hong Kong's Hang Seng fell 1.7% and South Korea's Kospi fell 0.8%.

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AP Business writers Yuri Kageyama and Alex Veiga contributed.

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