Stock market closes mixed with Dow setting new record high and Nvidia shares dropping

From Nasdaq: 2024-08-29 18:04:01

On Thursday, the stock market closed with the S&P 500 Index ($SPX) unchanged, the Dow Jones Industrials Index ($DOWI) up +0.59%, and the Nasdaq 100 Index ($IUXX) down -0.13%. The Dow Jones set a new record high amid signs of economic expansion. US Q2 GDP was revised higher due to strong consumer spending, easing inflation pressures. Nvidia shares dropped over -6% after projecting Q3 revenue below some estimates. Weekly jobless claims fell slightly, Q2 GDP was revised higher, and Q2 personal consumption unexpectedly rose. US pending home sales declined more than expected in July. Market odds for a -25 bp rate cut in September are at 100%. Overseas markets closed mixed, with the Euro Stoxx 50 up +1.08%, China’s Shanghai Composite down -0.40%, and Japan’s Nikkei down -0.02%.

Interest Rates: September 10-year T-notes closed down -7 ticks with a yield of 3.867%. T-notes faced pressure from strong US data and auction demand. European bond yields rose, with the German bund yield at 2.274%. Eurozone economic confidence was strong in August, German CPI eased, and swaps anticipate a -25 bp rate cut by the ECB in September.

US Stock Movers: Nvidia shares dropped over -6%, Best Buy closed up over +14%, and Cooper Cos closed up more than +11% after strong earnings reports. AI chip stocks climbed with ARM Holdings Plc closing up over +5%. Other gainers included Intel, ON Semiconductor, and Marvell Technology. Losers included Dollar General, Dollar Tree, and NetApp.

More Stock Market News: No major earnings reports were released on 8/30.



Read more at Nasdaq: Stocks Finish Mixed on Economic Strength and a Slump in Nvidia