Wall Street closes mixed as it awaits key inflation data and Q2 earnings reports.
The Nasdaq and S&P 500 fell again, amid a market reassessment of expectations for the technology sector and despite a better-than-expected GDP growth figure.
Major Wall Street indexes had mixed results on Thursday. The Nasdaq and S&P 500 fell once more, amid a review of market expectations for the tech sector and despite better-than-expected GDP growth.
The Dow Jones Industrial Average, composed of 30 large-cap stocks, gained a slight 0.20% to 39,935.07 points, while the S&P 500, which includes 500 stocks, declined 0.51% to 5,399.22 points. The Nasdaq Composite, heavily weighted with technology stocks, fell 0.93% to 17,181.72 points.
In the morning, it was revealed that the U.S. economy grew much more than anticipated in the second quarter, supporting expectations that the Federal Reserve (Fed) will cut interest rates in September. GDP grew 2.8% compared to the 2% forecast.
The U.S. market experienced its worst drop in two years yesterday, and despite starting this session on a positive note, it failed to maintain its performance. Weaker-than-expected reports from Alphabet and Tesla undermined confidence in major tech companies.
In the earnings season, Ford Motor’s stock stood out with an 18.36% drop after presenting a weak quarterly report. The results raised doubts about the company’s long-term strategy, especially regarding electric vehicles.
Tomorrow, investors will continue to focus on corporate reports, with results expected from companies like Colgate-Palmolive, 3M, and Bristol-Myers. Additionally, they will review the Personal Consumption Expenditures (PCE) report, which is key for the Fed.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals