Wall Street whipsawed to subdued close
Nasdaq, S&P 500 end lower; Dow posts gains
Energy up most among S&P sectors; tech lags
Dollar, gold, bitcoin higher; crude gains nearly 2%
U.S. 10-year Treasury yields edges up to ~3.87%
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WALL STREET WHIPSAWED TO SUBDUED CLOSE
Wall Street took investors for quite a ride on Thursday.
They started the day by shrugging off Nvidia NVDA.O guidance that wasn't quite as rosy as they might have liked, choosing instead to accentuate the positive GDP economic data.
And what appeared to be a nice rally seemed to be gaining steam.
Until it didn't.
At one point, the Nasdaq was up more than 1%, but by the end of the session the tech-heavy index was off 0.2%. The S&P 500 closed essentially unchanged, while the blue-chip Dow posted a healthy 0.6% advance.
In short, the stock market exhibited the mood swings typical of light-volume, late summer, pre-Labor Day trading.
Nvidia's stock tumbled 6.4% on the day, after failing to meet sky-high expectations, but the chipmaker's disappointing guidance wasn't quite as contagious as feared; of the "magnificent seven" group of megacaps that have benefited the most from the artificial intelligence hullabaloo, five notched gains, while Alphabet GOOGL.O joined Nvidia in the red.
Much of the NVDA gloom lifted in the wake of generally upbeat economic data, particularly the Commerce Department's revised GDP take, which showed the U.S. economy grew at a faster-than-expected pace in the second quarter and consumer spending was more robust than previously thought.
Winning today's value vs. growth tug-of-war, value .IVX rose 0.4%, while growth .IGX dipped 0.3%.
Energy .SPNY and airlines .SPCOMAIR were the clear outperformers.
On Friday, before they sail into the three-day Labor Day weekend, investors will be treated to the Commerce Department's comprehensive July Personal Consumption Expenditures (PCE) report, which will cover income growth, spending, saving and, of course, inflation.
Here's your closing snapshot:
(Stephen Culp)
*****
THURSDAY'S OTHER LIVE MARKETS POSTS:
THE MACRO GHOSTS HAUNTING BRAZILIAN EQUITIES CLICK HERE
SCHWAB CLIENTS CONFIDENT IN MARKET, NOT ELECTION CLICK HERE
GLOBAL ECONOMIC RISKS RISE UNDER LATE SUMMER'S APPARENT CALM - CFRA CLICK HERE
THURSDAY DATA: GDP (AND OTHER STUFF) CLICK HERE
UPBEAT GDP REVISION REMEDIES NVIDIA HANGOVER CLICK HERE
BRITISH BANKS CAUGHT IN BUDGET CROSSHAIRS CLICK HERE
MIXED PICTURE: NVIDIA DOWN, EUROPEAN TECH UP CLICK HERE
BURBERRY TO CHECK OUT OF FTSE 100 NEXT WEEK CLICK HERE
STOXX 600 RISES TO 6-1/2 WEEK HIGH CLICK HERE
EUROPEAN FUTURES STEADY AFTER NVIDIA RESULTS CLICK HERE
NVIDIA WATCH PARTY OVER, BACK TO INFLATION VIGILCLICK HERE
Closing snapshot https://reut.rs/3MnN4BN
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