Wall Street today: US stocks mixed after strong Q2 GDP data

US stocks were mixed on Thursday after stronger than expected second quarter economy data.

A report showed that the US economy grew at an estimated 2.8 per cent annual rate from April through June, double the rate from the prior quarter.

At 9:46 a.m. ET, the Dow Jones Industrial Average was up 111.84 points, or 0.28 per cent, at 39,965.71, the S&P 500 was down 4.15 points, or 0.08 per cent, at 5,422.98, and the Nasdaq Composite was down 76.93 points, or 0.44 per cent, at 17,265.48.

At the opening bell, the Dow Jones Industrial Average fell 25.24 points, or 0.06 per cent, to 39,828.63. The S&P 500 was higher by 1.57 points, or 0.03 per cent, at 5,428.70, while the Nasdaq Composite gained 10.23 points, or 0.06 per cent, to 17,352.64.

After the strong GDP data, investors are now awaiting the Personal Consumption Expenditures (PCE) price data, the US Federal Reserve preferred inflation gauge, due on Friday for clues on an early start to the rate cuts.

Shares of Nvidia, Alphabet and Microsoft fell between 0.4 per cent and 0.9 per cent. Tesla stock rebounded 2.6 per cent after a 12 per cent drop on Wednesday.

IBM stock climbed 3.6 per cent after the company posted stornger profit and revenue than expected.

Hasbro stock jumped 4 per cent after reporting better than expected profit and revenue for the second quarter.

Ford Motor shares tanked 17.2 per cent after the automaker’s second quarter profit fell short of expectations.

The Russell 2000 index of smaller stocks gained 1.1 per cent.

In the bond market, the yield on the 10-year Treasury slipped to 4.22 per cent from 4.28 per cent late on Wednesday.

Bullion

Gold fell over 1 per centon Thursday after stong

US economic data.

Spot gold fell 1.2 per cent to $2,369.29 per ounce by 1302 GMT. US gold futures dropped 1.9 per cent to $2,368.80.

Spot silver shed 4.8 per cent to $27.6 per ounce.

Crude oil

Oil prices slipped on Thursday on lacklustre Chinese consumption.

Brent crude futures for September fell 91 cents, or 1.1 per cent, to $80.80 a barrel by 1315 GMT. US West Texas Intermediate crude for September slid 85 cents, or 1.1 per cent, to $76.74.