Last Updated: 4:02 PM EST
Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) fell 0.13%, while the S&P 500 (SPX) closed flat. At the same time, the Dow Jones Industrial Average (DJIA) gained 0.59%. Earlier today, the second estimate of Q2 2024 GDP growth was released, and the Bureau of Economic Analysis now expects GDP to have increased by 3% during this period, which was above the forecast of 2.8%.
In addition, the Department of Labor released its Initial Jobless Claims report, which came in better than expected. In the past week, 231,000 people filed for unemployment insurance for the first time. Expectations were for 232,000 individuals. When using the four-week average, initial jobless claims were 231,500, down from last week’s reading of 236,250.
In addition, Continuing Jobless Claims, which measures the number of unemployed people who qualify for unemployment insurance, came in at 1.868 million. This was below the forecast of 1.87 million but higher than last week’s print of 1.855 million.
It’s worth noting that Continuing Jobless Claims have been on an overall uptrend since hitting record lows in September 2022, as the layoffs from large companies continue to impact the workforce.
First Published: 4:56 AM EST
U.S. futures were mixed on Thursday morning as investors digested Nvidia’s (NVDA) fiscal second quarter results. Futures on the Dow Jones Industrial Average (DJIA) were up 0.38% at 4:29 a.m. EST, August 29, while the Nasdaq 100 (NDX) and the S&P 500 (SPX) were down by about 0.12% and 0.03%, respectively.
Yesterday, the S&P 500, the Nasdaq Composite, and the Dow Jones declined 0.6%, 1.1%, and 0.4%, respectively. Nvidia’s earnings loomed large over Wednesday’s trading session, as investors’ anxiety led to a sell-off in major stock indices, particularly the tech sector.
Following the Q2 earnings release, Nvidia stock fell 7% in after-hours trading, despite beating consensus estimates. Perhaps, investors were unimpressed by the company’s sales forecast for the current quarter. Moreover, analysts pointed out that the earnings beat was smaller compared to previous quarters.
In other major news, Salesforce (CRM) gained 4% in the extended trading after it beat fiscal Q2 estimates and raised its full-year earnings outlook. However, CrowdStrike (CRWD) was down about 3% after the cybersecurity company revised its full-year outlook lower due to the July global outage.
Among today’s key economic reports, the second estimate of Q2 2024 GDP growth is scheduled for release. Additionally, the Initial Jobless Claims data for the week ended August 23 will be made public today.
On the earnings front, investors are anticipating quarterly reports today from Marvell (MRVL), Autodesk (ADSK), Lululemon (LULU), Ulta Beauty (ULTA), Best Buy (BBY), Dollar General (DG), and Dell Technologies (DELL).
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 3.825%. At the same time, WTI crude oil futures are trending higher, hovering near $74.62 per barrel as of the last check.
Elsewhere, European indices opened higher on Thursday morning as investors assessed key inflation data from the region and NVDA’s results.
Asia-Pacific Markets Traded Mixed on Thursday
Asia-Pacific indices were mixed today as major artificial intelligence stocks came under pressure following Nvidia’s earnings report.
Hong Kong’s Hang Seng, China’s Shenzhen Component, and Japan’s Topix indices gained 0.53%, 0.94%, and 0.03%, respectively. However, China’s Shanghai Composite and Japan’s Nikkei indices closed lower by 0.5% and 0.02%, respectively.
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