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Wall Street mixed as Nvidia retreat hits tech stocks; payrolls data in focus

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Weekly jobless claims rise more than expected

Nvidia falls after crossing $3 trillion market cap on Wednesday

Nio falls after logging Q1 net loss

Lululemon up on topping quarterly estimates on China demand

Indexes: Dow up 0.05%, S&P down 0.09%, Nasdaq down 0.12%

Updated at 12:08 p.m. ET/1608 GMT

By Lisa Pauline Mattackal and Johann M Cherian

June 6 (Reuters) -Wall Street struggled for direction on Thursday as AI-favorite Nvidia slipped after a tech-led rally in the previous session, and investors awaited a key labor market report ahead of the Federal Reserve's meetings next week to decide on interest rates.

The Nasdaq and S&P 500 touched fresh intraday record highs shortly after the open, however, initial gains fizzled out as Nvidia NVDA.O slipped more than 2%. In the previous session, it had crossed $3 trillion in market valuation and overtaken Apple as the world's second most valuable company.

"Today definitely feels like it's a bit of profit taking or just a breather for a stock that's up 145% year to date," said Dave Mazza, CEO of Roundhill Investments.

Gains in Nvidia and other AI-related players have largely driven Wall Street's rally this year, with the chipmaker accounting for roughly a third of the S&P 500's over 12% year-to-date gains.

The technology sector .SPLRCT led declines with a 0.5% dip, while an index tracking chip stocks .SOX lost 0.8%.

Investors' focus is now on the crucial nonfarm payrolls report, expected on Friday, which they expect to offer further clues on the strength of the labor market and the path for Federal Reserve policy.

A Thursday report from the Labor Department showed jobless claims rose more than expected to a seasonally adjusted 229,000 for the week ended June 1, the latest in a string of reports indicating tightness in the labor market is reducing, giving the Fed more room to cut rates.

Traders see a 68% chance of a September rate reduction, according to the CME's FedWatch tool, and have priced in about two cuts this year, as per data from LSEG. Forecasters polled by Reuters also expect two cuts.

Some market participants also pointed to growing pressure for the Fed with both the European Central Bank and Bank of Canada beginning easing cycles.

"If you get too much divergences among the major economies, it can start to put pressure on different pockets of the economy...it might make something like a (Fed) September cut a little more obvious," said Ross Mayfield, investment strategy analyst at Baird.

Five out of the 11 S&P 500 sectors were in gains, led by a 0.6% rise in consumer staples .SPLRCS.

Gains in software companies, including a 2.5% rise in Salesforce, helped the Dow outperform.

At 12:08 p.m. ET, the Dow Jones Industrial Average .DJI was up 20.85 points, or 0.05%, at 38,828.18, the S&P 500 .SPX was down 4.87 points, or 0.09%, at 5,349.16, and the Nasdaq Composite .IXIC was down 20.95 points, or 0.12%, at 17,166.95.

Among others, Lululemon Athletica LULU.O rose 5% after beating expectations for first-quarter profit and revenue on Wednesday.

U.S.-listed shares of NIO NIO.N 9866.HK dropped 6.5% after the Chinese electric vehicle maker posted a quarterly net loss.

Five Below FIVE.O slumped 12.9% after the discount store operator trimmed its annual net-sales forecast.

Declining issues outnumbered advancers for a 1.06-to-1 ratio on the NYSE. Declining issues outnumbered advancers for a 1.50-to-1 ratio on the Nasdaq.

The S&P index recorded 20 new 52-week highs and 5 new lows, while the Nasdaq recorded 51 new highs and 68 new lows.

US unemployment claims https://reut.rs/3VeENE4

Nvidia breaches $3-trillion valuation, overtakes Apple https://reut.rs/3KwLjBf

Reporting by Lisa Mattackal and Johann M Cherian in Bengaluru; Editing by Shinjini Ganguli


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