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Wall Street indices turn bullish after record losses
Wall Street's main indices rose during these moments of trading on Thursday, as investors evaluated stronger-than-expected GDP data and remained cautious after suffering a technological blow in the previous session.
The Standard & Poor's 500 Index rose by about 0.35%, while the Dow Jones Industrial Average rose by about 0.65%. The Nasdaq Composite Index rose by about 0.12%.
Data showed the US economy grew by 2.8% in the second quarter versus estimates of 2%, but inflation eased, leaving intact expectations for a rate cut in September.
Shares of "megcap" companies were mixed, after weak profits from Alphabet (Google) (NASDAQ: GOOG) and Tesla (NASDAQ: TSLA) hit the so-called "Magnificent Seven" group of technology stocks in the previous session. The Nasdaq index and the Standard & Poor's 500 index witnessed their worst day since 2022 in selling operations.
Shares of NVIDIA Group (NASDAQ: NVDA), Alphabet, and Microsoft fell between 0.4% and 0.9% on Thursday, while Tesla shares rebounded 2.6% after a 12% decline the previous day.
Semiconductor stocks also fell broadly, led by a 13% decline in Teradyne Inc. (NASDAQ:TER), after the chip testing equipment maker forecast lower-than-expected third-quarter revenue. The semiconductor index lost 1.6%.
Investors are awaiting personal consumption expenditures price data, due on Friday, to confirm bets on an early start of interest rate cuts by the Federal Reserve following a recent trend of easing inflation and some weakness in the labor market.
