US Stock Market Today: NASDAQ 100 gained 0.4%, Dow Jones slipped 0.2%, NVIDIA fell 0.9%

US stocks held near high records on Thursday after fresh economic data pointed to resilient consumer spending. Traders, however, refrained from making large bets ahead of Friday’s inflation report, an important gauge for Federal Reserve policy.

Market Performance and Treasury Moves

The S&P 500 changed slightly in the morning trading session after closing at record high on Wednesday. The NASDAQ 100 gained 0.4%, supported by strength in technology shares, while the Dow Jones Industrial Average slipped 0.2%. NVIDIA shares fell 0.9% after providing a forecast that disappointed investors, while Snowflake surged 14% following a strong outlook.

Short-dated Treasury yields rose, reflecting investor caution ahead of inflation figures. The two-year yield climbed to 3.64%, while the 10-year yield remained steady at 4.23%. The dollar retreated against major peers, with the euro advancing 0.3% to $1.1673 and the yen strengthening to 147 per dollar.

Commodity prices also shifted. West Texas Intermediate crude declined 0.7% to $63.67 a barrel, while spot gold rose 0.4% to $3,411.71 an ounce.

Economic Data Supports Growth Outlook

Revised data showed the US economy expanded at an annual rate of 3.3% in the second quarter, beating earlier estimates and consensus forecasts. The upward revision underscored the strength of consumer spending, which continues to anchor growth.

The labor market also showed resilience. Initial jobless claims declined to 229,000, signaling steady employment conditions despite higher borrowing costs. Analysts noted the readings helped ease recession fears, but they also raised questions about inflation pressure in the coming months.

The focus now shifts to the personal consumption expenditures (PCE) price index, the Fed’s preferred inflation gauge, due Friday. Economists expect core PCE, excluding food and energy, to rise 2.9% in July year-over-year. According to Bret Kenwell of eToro, an in-line or softer reading would support expectations for a September rate cut, while a stronger figure could dampen sentiment.

Corporate Earnings Drive Stock Moves

Corporate announcements provided mixed results. CrowdStrike Holdings announced substantial quarterly revenues but fell marginally short of sales projections, and the company is still recovering from a global outage last year. HP Inc. met profit expectations, though tariff-related costs remain a concern for investors.

Retailers were also in focus. Best Buy posted higher sales for the first time in more than three years but warned tariffs continue to weigh on margins. Dollar General exceeded sales estimates and raised its outlook, while Bath & Body Works missed profit expectations, its first miss since 2020.

Victoria’s Secret raised its forecast after reporting stronger sales, while Dick’s Sporting Goods boosted its full-year outlook ahead of its planned acquisition of Foot Locker.

Global Market Snapshot

Overseas, European stocks were mixed, with Germany’s DAX up 0.4% while the UK’s FTSE 100 slipped 0.2%. In Asia, China’s Shanghai Composite climbed 1.1% as chipmaker Cambricon Technologies surged 15.7%, overtaking Kweichou Moutai as the most expensive stock on the Shanghai exchange. Japan’s Nikkei 225 rose 0.7%, supported by strong technology demand.

With Wall Street awaiting inflation data, traders remain focused on whether cooling prices will confirm expectations for monetary easing in September.

In addition, NVIDIA posted 56% year-over-year revenue growth, which solidifies the company as a significant catalyst in the AI industry. The company had given quarterly targets of $54 billion, a little higher than Wall Street's expectations, but data center sales were below expectations in the second quarter. 

Despite the slight oversight, analysts at JPMorgan and Bernstein raised price targets, noting confidence in NVIDIA's further dominance in the artificial intelligence and semiconductor sectors.

Also Read: US Stock Market Today: S&P 500 falls 0.1%, NASDAQ 100 drops 0.1%, NVIDIA Gains 0.5%