Traders
work
the
floor
of
the
New
York
Stock
Exchange.
NYSE
S&P
500
futures
hovered
near
the
flatline
Thursday
night
after
the
broad
market
benchmark
briefly
climbed
above
5,500
for
the
first
time.
S&P
500
futures
inched
higher
by
0.03%,
while
futures
tied
to
the
Dow
Jones
Industrial
Average
added
3
points,
or
0.01%.
Nasdaq
100
futures
advanced
0.1%.
In
Thursday’s
regular
session,
the
S&P
500
closed
0.25%
lower.
At
its
highs
of
the
day,
the
broad
market
index
was
up
by
as
much
as
0.34%,
reaching
5,505.53.
The
Nasdaq
Composite
fell
0.79%,
also
after
hitting
an
all-time
high
earlier
in
the
day.
The
30-stock
Dow
was
the
outlier
of
the
three
major
averages,
rising
nearly
300
points,
or
0.77%,
for
its
best
day
this
month.
Nvidia
fell
3.5%
on
Thursday,
leading
the
information
technology
sector
to
drop
1.6%.
Nonetheless,
the
chipmaker
is
still
up
more
than
160%
year
to
date,
and
it
briefly
beat
Microsoft
as
the
most
valuable
public
company
on
Tuesday.
While
some
signs
of
an
overextended
market
are
appearing,
it
isn’t
clear
yet
whether
the
market
has
reached
its
limits
on
the
artificial
intelligence-fueled
rally
—
which
can’t
continue
its
“meteoric
rise,”
said
Jamie
Cox,
managing
partner
at
Harris
Financial
Group.
“The
good
news
is,
reality
does
not
mean
markets
crashing
or
having
these
big,
massive
draw
downs,”
he
said.
“It’s
more
of
a
rebalancing
of
the
field
a
little
bit,
because
the
valuations
of
those
companies
have
just
gotten
so
far
afield
from
the
average
stock
that
you
probably
would
see
some
broadening,
which
has
been
long
talked
about.”
As
of
Thursday’s
close
all
three
major
averages
are
on
pace
for
weekly
gains.
The
S&P
500
is
tracking
for
a
roughly
0.8%
advance,
while
the
Nasdaq
is
up
0.2%.
The
Dow
is
the
outperformer,
touting
a
1.4%
rise
week
to
date.
On
Friday,
investors
will
be
looking
toward
manufacturing
and
services
Purchasing
Managers’
Index
readings
for
June.
Existing
home
sales
data
for
May
is
also
slated
for
release.
On
the
corporate
earnings
front,
CarMax
is
scheduled
to
report
its
quarterly
results
Friday
morning.
