WASHINGTON (dpa-AFX) - After moving mostly higher over the two previous sessions, stocks are turning in a relatively lackluster performance during trading on Thursday. Despite the choppy trading, the S&P 500 has reached a new record intraday high.
Currently, the major averages are turning in a mixed performance. While the Dow is down 76.05 points or 0.2 percent at 45,489.18, the S&P 500 is up 3.19 points or 0.1 percent at 6,484.59 and the Nasdaq is up 69.41points or 0.3 percent at 21,659.55.
The choppy trading on Wall Street comes as traders digest highly anticipated earnings news from Nvidia (NVDA), with the AI darling and market leader slumping 1.2 percent.
The decrease by Nvidia comes after the company reported second quarter results that largely exceeded expectations, but its data center sales came in below estimates.
Investors are also looking ahead to Friday's release of the Commerce Department's on personal income and spending in the month of July, which includes the Federal Reserve's preferred readings on consumer price inflation.
The report, which is expected to show an uptick in the annual rate of core consumer price growth to 2.9 percent in July from 2.8 percent in June, could impact the outlook for interest rates.
CME Group's FedWatch Tool is currently indicating an 85.3 percent chance the Fed will lower rates by a quarter point at its next monetary policy meeting in September.
On the U.S. economic front, the Commerce Department released a report showing the U.S. economy grew by more than previously estimated in the second quarter of 2025.
The report said real gross domestic product shot up by 3.3 percent in the second quarter compared to the previously reported 3.0 percent surge. Economists had expected the jump in GDP to be upwardly revised to 3.1 percent.
The Commerce Department said the stronger than previously estimated growth primarily reflected upward revisions to investment and consumer spending.
A separate report released by the Labor Department on Thursday showed a modest decrease by first-time claims for U.S. unemployment benefits in the week ended August 23rd.
The Labor Department said initial jobless claims dipped to 229,000, a decrease of 5,000 from the previous week's revised level of 234,000.
Economists had expected jobless claims to slip to 230,000 from the 235,000 originally reported for the previous week.
Sector News
Most of the major sectors are showing only modest moves on the day, contributing to the relatively lackluster performance by the broader markets.
Computer hardware stocks have shown a substantial move to the upside, however, with the NYSE Arca Computer Hardware Index spiking by 3.9 percent to a record intraday high.
Pure Storage (PSTG) has helped lead the sector higher, skyrocketing by 29.9 percent after reporting better than expected second quarter results and raising its full-year guidance.
Networking stocks are also seeing some strength on the day, while telecom and housing stocks have moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Thursday. Japan's Nikkei 225 Index climbed by 0.7 percent and China's Shanghai Composite Index jumped by 1.1 percent, although Hong Kong's Hang Seng Index bucked the uptrend and slid by 0.8 percent.
Meanwhile, the major European markets have turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.4 percent, the German DAX Index is up by 0.1 percent and the French CAC 40 Index is up by 0.4 percent.
In the bond market, treasuries are turning in a mixed performance. The yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.7 basis points at 4.221 percent, but the yield on the two-year note is up by 1.2 basis points at 3.635 percent.
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