US STOCKS - S&P 500 Closes Lower after Record High, Weighed by Chips Stocks

WALL STREET - June 20 (Reuters) - The S&P 500 and Nasdaq closed lower on Thursday, as market bellwether Nvidia retreated from earlier gains, while investors evaluated recent economic data and commentary from Federal Reserve officials to determine the timing of interest-rate cuts this year.

Earlier, the S&P 500 hit the crucial 5,500-point mark for the first time ever, a year-end target multiple brokerages had forecast.