NEW YORK, June 6 — Wall Street stocks opened slightly higher today, a day after the key S&P 500 and Nasdaq indices hit fresh records as AI-chip leader Nvidia saw its market capitalization soar above US$3 trillion.
Nvidia was only the third US company to hit a market value of that level, after Apple and Microsoft, and its shares rose around 2.0 per cent in early trading.
The Dow Jones Industrial Average slipped 0.1 per cent to 38,779.27, while the broad-based S&P 500 edged up 0.1 per cent to 5,359.58.
The tech-focused Nasdaq Composite Index rose 0.3 per cent to 17,230.14.
“The early lack of conviction has something to do with waiting to see if there will be follow through on yesterday’s breakout to new highs,” said Patrick O’Hare of Briefing.com.
“We suspect, too, that there are concerns about the market — and a number of mega-cap stocks — being due for a pullback,” he added in a note.
For now, investors are digesting the European Central Bank’s first interest rate cut since 2019 and looking for signs that the US Federal Reserve may soon follow suit.
Markets are also assessing fresh data showing a pick-up in initial jobless claims for the week ending June 1, by 8,000. This could be taken as a sign of loosening in the jobs market.
The US trade deficit also widened in April to the largest in 18 months, with imports rising more than exports. Analysts expect trade might pose a drag to second quarter GDP.
Among individual companies, Lululemon Athletica shares bounced around 4.0 per cent after announcing results that beat expectations. — AFP
