Nasdaq’s longest winning streak of 2024 ends as US stocks slide off their peak

US stocks retreated from record highs, ending the Nasdaq Composite’s longest winning streak this year.

The tech-heavy index closed down 0.8% on Thursday, ending a seven-session winning streak that was the longest since a nine-session streak in December. Nvidia fell 3.5%, sending prices Its market value returned below Microsoft’s after briefly becoming the world’s most valuable company.

The S&P 500 fell 0.3% even though more than half of its members rose, as losses in the technology sector sent Wall Street’s benchmark index down.

Treasury bond prices fell, pushing two-year bond yields up 0.03 percentage points to 4.73%. The 10-year bond yield increased 0.04 percentage point to 4.26%.