- Indexes were mixed but mostly higher Thursday as traders took in economic data and Nvidia's earnings.
- US GDP grew at a slightly higher pace in the second quarter than initially reported.
US stocks were mixed Thursday as investors digested a post-earnings fall in Nvidia shares despite the AI giant's earnings beat.
The Dow Jones Industrial Average rose more than 200 points, paring gains after being up more the 400 points earlier in the session. The index still managed to hit a fresh record high, while Nvidia's 6% decline weighed on the S&P 500 and the Nasdaq.
Positive economic data helped the market power past Nvidia's big drop, with US GDP growth getting an upward revision for the second quarter. The economy grew 3% last quarter compared to the initially reported 2.8%. Jobless claims data, meanwhile, were about in-line with the previous week, falling by 2,000 to 231,000.
Nvidia's drop in the session came as the hotly anticipated earnings after the closing bell on Wednesday narrowly missed the high end of expectations. With the stock already trading not far from record highs and the hype soaring going into the earnings call, investors balked at the slightly narrower earnings beat compared to previous quarters.
On Friday, investors will get the latest reading of the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge. The index is expected to show inflation rose in-line with the prior month at 2.5%.
Here's where US indexes stood at the 4 p.m. closing bell on Thursday:
- S&P 500: 5,591.96, down 0.001%
- Dow Jones Industrial Average: 41,335.05, up 0.59% (+243.63 points)
- Nasdaq composite: 17,516.43, down 0.23%
Here's what else happened today:
- Wall Street says Nvidia's post-earnings dip is an 'invitation' to buy the stock, analysts say.
- Apple will eclipse Nvidia as the top AI stock in 2025, as the AI cycle shifts from infrastructure to devices, Citi says.
- Mortgage rates are falling, but buyers are still on the sidelines. Here's why.
In commodities, bonds, and crypto:
- Oil futures rose. West Texas Intermediate crude oil rose 1.8% to $75.89 a barrel. Brent crude, the international benchmark, rose 1.7% to $80 a barrel.
- Gold traded higher at $2,555.40 an ounce.
- The 10-year Treasury yield rose two basis points to 3.865%.
- Bitcoin edged up 0.5% to $59,462.