S&P, Nasdaq end lower in fickle trading
US economic growth regains steam in Q2; inflation slows
Ford slumps as higher costs, EV unit dent profit growth
IBM gets boost from software, AI demand, as consulting slips
Gains for small-cap indexes Russell 2000 and S&P Small Cap 600
Updates to close
By David French
July 25 (Reuters) - The S&P 500 and Nasdaq Composite ended loweron Thursday in fickle trading, ultimately failing to regain ground lost during the previousday's tech-triggered sell-off.
The Dow Jones Industrial Average hung onto its gains to close higher,after stronger-than-expected GDP data provided support, and small-cap stocks also rose as investors sought out value away from the megacaps.
The small-cap Russell 2000 .RUT gained, partially recouping Wednesday's broad losses. The Dow .DJI was the best of the three main benchmarks as investors reassessed their recent flight to underperforming sectors.
Megacap stocks endured a volatile day. Having recoveredfrom a shaky start, they were in mostly in positiveterritory at mid-afternoon, before some slipped late in the day.
Alphabet's GOOGL.O shares fell for a second straight day, but Tesla TSLA.O rose. Lackluster earnings from the Google parent and the electric vehicle maker had pummeled the so-called Magnificent Seven group of tech stocks on Wednesday, prompting the Nasdaq .IXIC and S&P 500 .SPX to log their worst day since 2022.
"I think the market is kind of lurching," said Yung-Yu Ma, chief investment officer at BMO Wealth Management. "The concern had been building and yesterday was a bit of a crescendo of that concern, but some of that has been alleviated today."
While investors are still trying to grapple with Wednesday's disappointing earnings reports, and political and economic uncertainty, Ma said ultimately recent data shows a resilient U.S. economy.
Thursday'sgross domestic product report showedthe U.S. economy expanded 2.8% in the second quarter versus an estimate of 2%. Inflation subsided, leaving expectations of a September Federal Reserve interest rate cut intact.
All eyes are now on Friday'spersonal consumption expenditures price data to confirm bets of an early start to Fed rate cuts.
While heavyweight stocks have powered the market to all-time highs this year, Wednesday's sell-off reinforced fears that these stocks might be over-stretched and are in for more turbulence.
This concern has driven value investors, speeding up their rotation into smaller-cap stocks and other sectors outside megacap technology.
The S&P Small Cap 600 .SPCY rose on Thursday.
According to preliminary data, the S&P 500 .SPX lost 27.52 points, or 0.51%, to end at 5,399.61 points, while the Nasdaq Composite .IXIC lost 162.01 points, or 0.93%, to 17,180.40. The Dow Jones Industrial Average .DJI rose 87.38 points, or 0.22%, to 39,940.10.
Among earnings-driven moves, IBM IBM.N shares jumped, also boosting the blue-chip Dow, after the tech company beat estimates for second-quarter revenue and raised the annual growth forecast for its software business.
American Airlines AAL.O rose after cutting its annual profit forecast. Southwest Airlines LUV.N climbed after saying it would implement changes including ending open seating and offering seats with extra legroom.
Advances by airlines and logistics firms, includingOld Dominion ODFL.O and J B Hunt JBHT.O, helped the Dow Jones Transportation Average .DJT gain.
Ford F.N slumped after the automaker's second-quarter adjusted profit missed estimates by a wide margin. Edwards Lifesciences EW.N tumbled after it missed second-quarter revenue estimates.
S&P500 breaks calm streak with 2%+ drop https://tmsnrt.rs/3A8anwg
Reporting by Ankika Biswas, Lisa Pauline Mattackal and Medha Singh in Bengaluru and David French in New York; Editing by Savio D'Souza, Saumyadeb Chakrabarty, Pooja Desai and Richard Chang
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