Wall St rises after strong growth data; Nvidia slips
Corrects to say expected PCE data in paragraph 15 is for July, not June
Q2 GDP second estimate shows US economy grows 3%
CrowdStrike slips on FY forecast cut after global tech outage
Salesforce gains after upbeat quarterly results
Apple gains after Citigroup selects company as top AI pick
Futures up: Dow 0.10%, S&P 500 0.36%, Nasdaq 0.89%
By Johann M Cherian, Purvi Agarwal and Chuck Mikolajczak
Aug 29 (Reuters) -Wall Street's main indexes rose on Thursday, as investors were relieved after data showed a still robust U.S. economy, while Nvidia slipped as its largely in-line forecast failed to exceed lofty expectations for the AI chip firm.
A commerce department report showed the U.S. economy grew faster than the initial estimates, amid strong consumer spending.
"The economy is not slipping into a recession anytime soon and that's beneficial for the stock market, along with a rate cut that's very likely coming in September," said Robert Pavlik, senior portfolio manager at Dakota Wealth.
Markets have seesawed between marginal gains and losses in the run-up to Nvidia's results, as traders waited to see if the company would sustain its unmatched revenue growth.
Nvidia's NVDA.O largely in-line revenue forecast for the current quarter despite upbeat second-quarter results disappointed investors. The chip bellwether's shares were down 2.0%.
"This is the first time that there has been criticism of the estimates beat and the outlook raise. It is not as great as some investors had anticipated," said Peter Andersen, founder of Andersen Capital Management.
"Nvidia might be showing early signs of slowdown in capital expenditure for artificial intelligence."
Although, semiconductor peers Broadcom AVGO.O and Advanced Micro Devices AMD.O rose 1.7% and 0.9%, respectively, aiding a 1.2% rise in the Philadelphia SE Semiconductor index .SOX.
Nvidia's heavyweight megacap customers, which have been the focus of market euphoria on the prospect of artificial intelligence integration boosting corporate profits also rose with Microsoft MSFT.O, Meta META.O and Alphabet GOOGL.O up more than 0.9% each.
Apple AAPL.O gained more than 2% after Citigroup selected the iPhone maker as its top AI pick over Nvidia. This helped the tech sector .SPLRCT lead sectoral gains with a 0.9% rise.
At 9:48 a.m. ET, the Dow Jones Industrial Average .DJI was up 41.92 points, or 0.10%, at 41,133.34, the S&P 500 .SPX was up 20.41 points, or 0.36%, at 5,612.59, and the Nasdaq Composite .IXIC was up 156.60 points, or 0.89%, at 17,712.62.
The benchmark S&P 500 .SPX is about 1% away from a record high, while the Dow .DJI is hovering around an all-time peak, with expectations for a September rate cut staying robust.
Odds of a reduction of 25 basis points in September stand at 67.5%, while those of a larger 50 bps cut are at 32.5%, according to CME Group's Fed Watch Tool.
A Labor Department report showed jobless claims were marginally lower than expected for the previous week.
Friday's Personal Consumption Expenditure data for July, could offer hints on the central bank's monetary policy easing trajectory.
Dow-component Salesforce CRM.N beat Wall Street expectations for second-quarter results, sending the enterprise cloud firm's shares up 1.1%.
CrowdStrike CRWD.O dropped 6.7% after the cybersecurity company cut its revenue and profit forecasts in the aftermath of last month's global tech outage.
Advancing issues outnumbered decliners by a 1.52-to-1 ratio on the NYSE and by a 1.46-to-1 ratio on the Nasdaq.
The S&P index recorded 20 new 52-week highs and 4 new lows, while the Nasdaq recorded 27 new highs and 41 new lows.
Nvidia's revenue growth is decelerating Nvidia's revenue growth is decelerating https://reut.rs/3AyfQwN
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。
