In Thursday's trading session, US stock indexes experienced a reversal after briefly flirting with record highs earlier in the day. The S&P 500 and Nasdaq Composite turned lower, while the Dow Jones Industrial Average managed to cling onto gains.

The S&P 500, briefly crossing the 5,500 level for the first time, lost around 0.3% after securing its 31st record close of the year on Tuesday. The tech-heavy Nasdaq Composite touched new highs before falling 0.8%. On the other hand, the Dow Jones Industrial Average rose roughly 0.8%.

One of the driving forces behind the stock market's growth story this year has been the excitement around the potential of artificial intelligence (AI), with Nvidia at the center of attention. However, despite its record-breaking surge that made it the world's most valuable public company, Nvidia's stock fell more than 4% on Thursday, erasing its session gains.

Nvidia's rise to the top has been swift, overtaking Microsoft as the most valuable company just two weeks after surpassing Apple. Some passive investors, caught off guard by this rapid ascent, have struggled to keep up.

In the realm of global central banks, the Swiss National Bank made its second rate cut this year, while the Bank of England left its benchmark rate unchanged but signaled a possible rate cut in the summer. In the US, the majority of traders are still betting on a Federal Reserve rate cut by September.

Turning to oil prices, West Texas Intermediate rose slightly to settle at $82.17 per barrel, while Brent, the international benchmark, inched up to $85.71 per barrel. Higher oil prices had a positive impact on energy-related stocks, with the S&P 500 Energy Select ETF rising more than 2%.

Meanwhile, Amazon's foray into the ad-supported streaming space has already started making waves. The company defaulted all Prime Video subscriptions to the ad-supported tier, causing monthly bills for the ad-free version to increase by $3. This move strengthens Amazon's presence alongside Netflix and Disney, who introduced their respective ad tiers late last year.

Despite the market pullback on Thursday, the S&P 500 and Nasdaq Composite had briefly reached record highs, reflecting the ongoing growth seen in the stock market throughout the year.