Tuesday, October 8, 2024

European stocks down and US mixed as jobs report outshines expectations

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Here’s what happened in Thursday’s trading session:

US stocks were little changed on Thursday, hovering near record highs, with investors awaiting an update on the labor market amid growing hopes for interest rate cuts.

The S&P 500 (^GSPC) dipped barely below the flatline on the heels of a record close. The Dow Jones Industrial Average (^DJI) popped slightly, adding 0.2%, while the tech-heavy Nasdaq Composite (^IXIC) gave back early-session gains to drop about 0.1%.

Stocks took a breather after the roaring rally that also lifted the Nasdaq to an all-time high on Wednesday. Tech stocks helped drive the gains, with Nvidia (NVDA) overtaking Apple (AAPL) as the second-biggest US company.

However, on Thursday, Nvidia shares gave back some of those gains to fall more than 1%, sending the AI chip giant’s market cap below the $3 trillion level.

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