U.S. GDP growth of 2.8% in 2Q exceeded expectations as the market weighed the quarterly results of large-cap stocks and economic data. The 3 major US stock indexes had different trends amid another selloff in tech stocks. The S&P 500 slipped repeatedly and the Nasdaq closed down nearly 1%, while the Dow edged up.
The S&P 500 fell 27 points, or 0.5%, to close at 5,399. The Dow climbed 81 points, or 0.2%, to close at 39,935. The Nasdaq faded 160 points, or 0.9%, to close at 17,181.
Large tech stocks continued to weaken, with NVIDIA (NVDA.US) closing down 1.7% and AMD (AMD.US) down 4.4%. Alphabet (GOOG.US) and Microsoft (MSFT.US) waned 3% and 2.5% respectively. Amazon (AMZN.US) edged down 0.5%. Apple (AAPL.US) dipped 0.5%. Tesla (TSLA.US) rebounded 2%.
As for stocks having announced their results, with its 2Q earnings significantly missed estimates, Ford Motor (F.US) closed down 18.4%, while IBM (IBM.US) grew 4.3% following its better-than-expected quarterly earnings. American Airlines (AAL.US) climbed 4.2% even though it sharply lowered its profit forecast for 2024.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
