Dow hits record high; Nvidia dips after forecast
Corrects to say expected PCE data in paragraph 15 is for July, not June
Q2 GDP second estimate shows US economy grows 3%
CrowdStrike up after upbeat Q2 revenue
Apple gains after Citigroup selects company as top AI pick
S&P 500 +0.76%, Nasdaq +0.93%, Dow +1.10%
By Johann M Cherian, Noel Randewich and Chuck Mikolajczak
Aug 29 (Reuters) - Wall Street stocks rose and the Dow hit a record highon Thursday followingrobust U.S. economic data, while artificial intelligence chipmaker Nvidia slipped afterits largely in-line forecast failed to impress investors.
The U.S. economy grew faster than initial estimates due tostrong consumer spending, the Commerce Department reported, supporting expectations the U.S. is likely to avoid a recession.
"Downward revisions to inflation accompanying an upward revision to spending builds the case for a soft landing," said Jeffrey Roach, chief economist for LPL Financial.
Nvidia's NVDA.O quarterly revenueforecast late on Wednesday disappointedinvestors used to the chipmaker beating expectations by massive margins in recent quarters.
Nvidia's stock dipped 3.2%, trimming its 2024 gain to 144%.
Notably, the Nvidia sell-off did not spread to other AI-related stocks. MicrosoftMSFT.O gained 1.9%, while Google-owner AlphabetGOOGL.O added almost 1%.
Broadcom AVGO.O and Advanced Micro Devices AMD.O each rose about 1%.
"It's too early to put the bear suit on for AI related companies. We think there's still more upside," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. "We see the AI revolution still in the relatively early innings and that bodes well for tech names."
Apple AAPL.O rose 2.5% after Citigroup named the iPhone maker its top AI pick.
The Dow Jones industrial average .DJI hit an all-time high, while S&P 500 index .SPX was less than 1% below its July record high close as expectations for a September interest rate cut remained robust.
The S&P 500 was last up 0.76% at 5,634.92 points.
The Nasdaq Composite Index gained 0.93% at 17,718.61 points, while the Dow was up 1.10% at 41,542.10 points.
Of the 11 S&P 500 sector indexes, nine rose, led by energy .SPNY, up 1.49%, followed by a 1.46% gain in industrials .SPLRCI.
A Labor Department report showed marginally lower-than-expected jobless claims for the previous week.
The July PersonalConsumption Expenditures report, due on Friday, could offer hints on the central bank's monetary policy easing trajectory.
CrowdStrike CRWD.O gained 5.3% after the cybersecurity company beat quarterly revenue estimates, while Dollar General DG.N slumped 30% after slashing its annual sales and profit forecasts.
Advancing issues outnumbered falling ones within the S&P 500 .AD.SPX by a 4.6-to-one ratio.
The S&P 500 posted 64 new highs and four new lows; the Nasdaq recorded 81 new highs and 76 new lows.
Share price gains of technology stocks since February https://reut.rs/4dHB8qz
US gross domestic product https://reut.rs/3Mrgi2K
Reporting by Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Pooja Desai, Shounak Dasgupta and Shinjini Ganguli
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
