NEW YORK, June 6 - The S&P 500 and Nasdaq composite slipped on Thursday ahead of a key labor market report, retreating from record highs reached in the previous session. The Dow was slightly higher.
Investors will watch Friday's crucial U.S. nonfarm payrolls report. The weekly jobless claims report was the latest data to indicate labor market easing, which could allow the Fed begin cutting rates. The European Central Bank delivered its first interest rate cut since 2019. 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.
Line chart shows the months it took for the market capitalization of Microsoft, Apple and Nvidia since to hit $3 trillion after making the $1-trillion valuation mark. Lululemon Athletica , opens new tab rose 4.8% after beating expectations for first-quarter profit and revenue on Wednesday.
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