The S&P 500 index (+0.04%) retreated from record levels in the final hours of the August 5 session under pressure from some major technology companies.
The Dow-30 index (+0.75%), nevertheless, continues to rise, supported by Nvidia shares. Nvidia shares climbed after Elon Musk said that SpaceX will use exclusively Nvidia processors in building its AI infrastructure in the future.
Among economic data, the ADP employment report showed that in July, growth in private-sector jobs in the U.S. slowed. This reflects a similar trend seen in the U.S. job openings data for June published on Tuesday. Focus will now shift to the official nonfarm payrolls data due on Friday.
Updated ISM data showed that the U.S. services-sector business activity index rose in July to 54.1 points from 54 in June, versus a forecast of 54.5. The prices index, which tracks the pace of change in the services sector’s costs for materials and inputs, accelerated from June and, for the fourth time in five months, remained above the 70-point mark.
Gold prices rose amid a weaker U.S. dollar and falling Treasury yields. The gold futures contract closed at $4305.2 per ounce (+3.75%).