Dow Jones Rallies to Record Close

The Dow Jones Industrial Average reached a new record close on Thursday, gaining 243.63 points or 0.59% to finish at 41,335.05. This rally was driven by strong performances from stocks like Goldman Sachs, Intel, and Visa.

• The S&P 500 ended slightly below the flatline at 5,591.96.
• The Nasdaq Composite slid 0.23% to close at 17,516.43.

Nvidia's Earnings Weigh on Nasdaq

Nvidia, a leader in artificial intelligence chips, fell 6.4% despite beating expectations on its earnings and revenue. This decline weighed on the S&P 500 and the Nasdaq.

• Nvidia's revenue grew by 122%, but the market expected even stronger growth.
• The company's current-quarter sales outlook was positive but not as impressive as previous quarters.

Economic Data Supports Stock Market

Positive economic data supported the stock market's performance on Thursday.

• Weekly jobless claims fell, easing recession concerns.
• Second-quarter GDP was revised higher to 3% growth, up from an initial 2.8% rate.

Stock Market Performance

The major stock market indices showed mixed performance on Thursday:

• Dow Jones Industrial Average: +0.59% (record close)
• S&P 500: -0.03%
• Nasdaq Composite: -0.23%

Nvidia's Earnings Disappoint

Despite beating expectations on earnings and revenue, Nvidia's stock fell due to underwhelming growth compared to market expectations.

• Revenue growth: 122%
• Current-quarter sales outlook: positive but not as strong as previous quarters

Impact on Stock Indices

Nvidia's decline had a significant impact on the S&P 500 and the Nasdaq Composite:

• S&P 500: ended just below the flatline due to Nvidia's fall
• Nasdaq Composite: slid 0.23% as Nvidia is a heavyweight component

Economic Data Supports Market Optimism

Positive economic data releases on Thursday helped maintain market optimism:

• Weekly jobless claims: fell from the prior week, easing recession concerns
• GDP revision: second-quarter GDP revised higher to 3% growth from an initial 2.8% rate

Dow Jones Reaches New Heights

The Dow Jones Industrial Average climbed to a new record high, powered by strong performances from key stocks:

• Goldman Sachs
• Intel
• Visa

Market Outlook

The mixed performance of the stock market indices reflects the ongoing tug-of-war between positive economic data and concerns over the impact of AI and technology stocks on the broader market.

• Positive economic data, such as lower jobless claims and higher GDP growth, support market optimism.
• However, the underwhelming performance of AI and technology leaders like Nvidia raises concerns about their potential to drive future market gains.