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S&P 500 ends lower after record high; Nvidia dips

STORY: Wall Street's main indexes ended mixed on Thursday, as market bellwether Nvidia gave up early gains and investors evaluated the latest economic data.

The Dow added more than three-quarters of a percent, the S&P 500 shed a quarter-percent after hitting a record high early in the session, and the Nasdaq lost about eight-tenths of a percent.

Data on Thursday showed the number of Americans filing new claims for unemployment benefits fell last week, but the overall number of people on unemployment reached the highest level since January, a sign that the job market continues to cool.

Another set of data showed single-family homebuilding fell in May amid continued high mortgage rates.

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But those rates should ease and spur more activity in the sector, says Liz Miller, President of Summit Place Financial Advisors.

"Remember, we are four-and-a-half million housing units under-built in the United States. The demand for construction is incredible. And on the same day we had that housing report that says new permits are weak, we also had KB Home coming out with an incredible quarter, you know, one of the top builders in the nation. And their new housing contracts were pretty healthy in the quarter."

Stocks on the move included AI darling Nvidia, which dropped 3.5% after rising earlier in the session. The chipmaker dethroned Microsoft on Tuesday to become the most valuable public company.

Shares of Dell and Super Micro Computer also declined after initial moves higher, following news that they received server orders for Elon Musk's AI startup.

Shares of Kroger fell more than 3% after striking a cautious tone on near-term consumer spending, as it reaffirmed its full-year same-store sales and profit forecasts despite topping first-quarter estimates.

And Trump Media & Technology Group shares tumbled 14.5% after the SEC cleared the way for the former president's namesake company to issue more shares, potentially diluting the value of the stock.