Highlights
Stocks edged higher Thursday partly on news of a better-than-expected upward revision to second quarter GDP annualized growth rate from 3.0 percent to 3.3 percent. Pulling AI-related stocks up was news that Nvidia's second quarter revenue came in 56 percent higher than last year, which was not good enough to prevent a sell-off in the chipmaker's shares but did confirm that demand for AI remains red hot. The Dow Jones industrial average rose 0.1 percent while the S&P 500 gained 0.3 percent and the Nasdaq was up 0.5 percent. Among sectors, communication services, energy and information technology posted the largest gains today while utilities, consumer staples and health care posted losses. Short term bond yield rose slightly but rates at the longer end fell, while the dollar weakened and oil prices rose.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.