The US stock market closed with a mixed bag of results on Thursday, August 29th. The Dow Jones Industrial Average soared to a record high, driven by positive economic data indicating robust consumer spending and a potentially resilient economy. This suggests that a recession may be less likely than previously anticipated. However, Nvidia’s shares took a dip despite meeting earnings expectations. The company’s outlook failed to impress investors, leading to a decline in its stock price.
Economic indicators painted a positive picture. Initial jobless claims decreased by 2,000 to 231,000 for the week ending August 24th. The GDP grew at an annual rate of 3.0% in the second quarter, an increase from the 1.4% growth in the first quarter. Furthermore, wholesale inventories rose by 0.3% in July, indicating continued growth in business activity.
Most sectors of the S&P 500 ended the day in the green, with energy, financials, and industrials leading the charge. Information technology and consumer staples stocks, on the other hand, experienced declines. The Dow Jones Industrial Average closed at 41,335.05, up 0.59%. The S&P 500 ended almost flat at 5,592.00, while the Nasdaq Composite dipped by 0.23%, closing at 17,516.43.
Global markets followed suit, with Asian markets closing higher on Friday. Japan’s Nikkei 225 gained 0.69%, finishing at 38,621.00, boosted by growth in manufacturing, precision instruments, and automobiles & parts sectors. Australia’s S&P/ASX 200 rose 0.58% to 8,091.90, led by gains in the gold, industrials, and energy sectors. India’s Nifty 50 climbed 0.33% to 25,235.90, while the Nifty 500 closed higher by 0.44% at 23,734.55. China’s Shanghai Composite ended the day at 2,842.21, up 0.68%, and the Shenzhen CSI gained 1.33% to close at 3,321.43. Hong Kong’s Hang Seng also closed higher, ending the session at 17,989.07, up 1.14%.
European markets were also trading in positive territory as of 06:45 AM ET. The European STOXX 50 index gained 0.18%, Germany’s DAX rose 0.24%, France’s CAC climbed 0.46%, and the U.K.’s FTSE 100 traded higher by 0.34%.
Commodities were mixed at 06:45 AM ET. Crude Oil WTI was trading higher by 0.30% at $76.12/bbl, and Brent was up 0.27% at $79.03 bbl. Natural Gas declined 0.19% to $2.133. Gold traded lower by 0.42% at $2,549.80, Silver fell 0.49% to $29.845, and Copper gained 0.78% to $4.2555.
US futures were trading higher as of 06:45 AM ET. Dow futures were up 0.17%, S&P 500 futures gained 0.35%, and Nasdaq 100 Futures rose 0.62%.
The U.S. dollar index rose 0.06% to 101.40, the USD/JPY rose 0.21% to 145.30, and the USD/AUD declined 0.01% to 1.4708 at 06:45 AM ET.
