US stocks slip
The S&P 500 dipped 0.2%, the Nasdaq 100 fell 0.3%, and the Russell 2000 gave back 0.6% on Thursday.
Utilities, energy, financials, and healthcare were the S&P 500 sector ETFs that gained on the day; tech, materials, and industrials led the way down.
Accenture and Gartner were the two largest decliners in the benchmark US stock index as the federal government’s campaign to cut spending weighs on their sales outlooks.
Even as Nvidia rallied, the stock suffered from its first “dark cross” (the 50-day moving average falling below the 200-day) since 2022.
Darden, the parent company of Olive Garden, posted earnings and guidance in line with expectations. In an environment where consumer-oriented stocks have been delivering mostly bad news, it was enough to fuel a big rally for the stock.
Cava benefited from an upgrade to a buy rating from JPMorgan, which sees it as an attractive long-term holding.
Intel dipped after Nvidia CEO Jensen Huang said the chip designer has not been part of any push to buy the US semi producer.
