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US equity indexes rose after midday Thursday, with energy and industrials leading the gainers, as a drop in Nvidia shares following its results overnight failed to undermine investor confidence across the market.
The Dow Jones Industrial Average was 1% higher at 41,519.8 after reaching 52-week high of 41,577.97 earlier in the day. The S&P 500 climbed 0.8% to 5,638.1, with the Nasdaq Composite up 1.1% to 17,746.4. Real estate and consumer staples were the only decliners intraday.
The mainstream indexes rallied despite a 3.5% intraday drop in Nvidia share price. "Nvidia traded down in immediate post-market trading related in part to somewhat frothy expectations around where guidance would land and what we long considered be unrealistic expectations the company had set three months ago around the timing for Blackwell volume shipments and how much revenue it would see this year," according to a UBS note.
Nvidia's fiscal Q2 "masterpiece performance" underpins the bullish outlook for the artificial intelligence "revolution," Wedbush Securities said in a note, implying the so-called AI trade is not at risk following the results.
Meanwhile, most Treasury yields rose, with the 10-year up 2.2 basis points to 3.86%, reflecting the strength in the macroeconomic data. The two-year yield gained 2.2 basis points to 3.89%.
US gross domestic product growth was revised to 3% for Q2 from a 2.8% gain in the advance estimate, beating expectations for no revision in a survey compiled by Bloomberg. GDP rose 1.4% in Q1.
US initial jobless claims last week slid to 231,000 from an upwardly revised 233,000 in the previous week, below expectations for 232,000 in a survey compiled by Bloomberg. The four-week moving average fell to 231,500 from 236,250, a third straight weekly decline.
In company news, Best Buy shares soared 15%, the biggest gain on the S&P, after the company reported an increase in fiscal Q2 adjusted earnings and raised fiscal 2025 guidance.
Cooper shares jumped 12% intraday, the second-largest gain on the S&P, after reporting higher fiscal Q3 non-GAAP earnings and revenue. The company also raised earnings guidance for fiscal 2024.
Dollar General shares tumbled nearly 30% intraday, the steepest drop on the S&P 500, after the company reported fiscal Q2 results trailing market expectations and lowered the outlook for fiscal 2024.
West Texas Intermediate crude oil jumped 1.5% to $75.67 a barrel.
"In Libya, oil production in the eastern part of the country is shut due to fractions over the control of the embattled OPEC member's central bank," PVM Oil Associates said in a note. As much as 1 million barrels per day of output "might be affected for several weeks," the note cited estimates from Rapidan Energy Group.
Gold rose 0.8% to $2,558.51 an ounce, and silver climbed 1% to $29.49.
Wall Street rallied robustly on Thursday, with traders embracing a risk-on approach after government data revealed the U.S. economy grew by 3% in the second quarter, outpacing earlier estimates of 2.8%, driven by strong upward revisions in household consumption.
The upbeat market sentiment prevailed even as NVIDIA Corp. , the year’s top-performing S&P 500 stock, slipped over 3% following its earnings report, with revenue projections for the current quarter failing to impress the heightened expectations.
Other semiconductor stocks decoupled from Nvidia and showed strong gains, with the broader iShares Semiconductor ETF up over 2%.
Small caps rallied 1.4%, positively reacting to the upwardly revised GDP data. The Dow Jones Industrial Average rose 1.1%. achieving fresh record highs to over 41,500 points.
Commodities gained strength, with natural gas rallying 2%, oil prices climbing 1.6%, gold advancing 0.8%, and silver rising 1.3%.
Bitcoin rose 2.5%, on track to snap three straight session of losses.
Thursday’s Performance In Major US Indices, ETFs
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,223.27 | 1.4% |
Nasdaq 100 | 19,614.94 | 1.4% |
Dow Jones | 41,562.92 | 1.1% |
S&P 500 | 5,645.35 | 1.0% |
According to Benzinga Pro data:
Thursday’s Stock Movers
Read Now:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks were higher, with the Dow Jones index gaining around 400 points on Thursday.
Shares of Build-A-Bear Workshop, Inc. rose sharply during Thursday’s session following better-than-expected second-quarter financial results.
Build-A-Bear reported second-quarter revenue growth of 2.4% Y/Y to $111.8 million, beating the analyst consensus of $108.5 million. EPS of 64 cents (+12.3% Y/Y), beating the Wall Street view of 57 cents.
Build-A-Bear shares jumped 19.7% to $33.37 on Thursday.
Here are some other big stocks recording gains in today's session.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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