Stock market today: Indexes rise as economic data outweighs Nvidia's post-earnings slide
Slaven Vlasic/Getty Images for The New York Times; Chelsea Jia Feng/BI
- Indexes rose on Thursday as investors focused on strong economic data.
- US GDP grew at a slightly stronger pace in the second quarter than originally thought.
- The gains came even amid a slide for Nvidia shares after the chipmaker's earnings report.
Indexes rose Thursday as investors focused on encouraging economic data, which outweighed a post-earnings slump in Nvidia shares.
US GDP grew at a slightly stronger pace in the second quarter than originally thought, while jobless claims data was little changed from the previous week.
The positive economic signs blunted the impact of an earnings report from Nvidia that beat across the board, but was still viewed as a disappointment by investors carrying lofty expectations.
The chipmaker turned in the narrowest earnings beat Nvidia has seen in the past six quarters, and shares fell about 2% shortly after the market open.
As they've poured billions into AI, with a projected $1 trillion in AI investment in the coming years, investors have voiced concerns over how long it will take to see returns. Nvidia's earnings showed challenges from increasingly complex products, which likely didn't add much to investor confidence.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
- S&P 500: 5,608.32, up 0.3%
- Dow Jones Industrial Average: 41,101.97, up 0.1% (11 points)
- Nasdaq composite: 17,695.35, up 0.8%
Here's what else is going on today:
- US home prices hit another record high in June as the housing market faces slowing sale volumes and construction.
- Trump Media's stock continues to sink as Kamala Harris reshuffles the election odds, with shares falling below $20 for the first time since going public.
- The November election is a win for the stock market no matter who comes out on top, according to Ned Davis Research.
In commodities, bonds, and crypto:
- Oil futures rose. WTI crude increased 1.53% to $75.62 a barrel. Brent crude, the international benchmark, rose 1.18% to $79.58 a barrel.
- Gold was up 0.22% to $2,543 per ounce.
- The 10-year Treasury yield fell two basis points to 3.863%.
- Bitcoin rose 2.3% to $60,374.24.