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06/06/24 Briefing

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.

The market has greeted recent soft economic readings as a reason to put a Federal Reserve policy pivot back on the table, with the ADP private payrolls missjust the latest sign of a labor market cooldown. Traders now see a 69% chance of a September rate cut, versus around 50% a week ago, according to the CME tool.

The countdown is on for the May monthly jobs report on Friday, seen as pivotal for stocks. The report is set for release at 8:30 a.m. ET on Friday.A

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