NEW YORK — Wall Street is opening with gains as markets shift their focus back to the U.S. economy. The S&P 500 rose 0.4% in early trading Thursday, while the Dow Jones Industrial Average added 148 points, or 0.4% and the Nasdaq rose 0.8%. The Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, compared to a previous estimate of 2.8%.
With a total market value topping $3 trillion, Nvidia is one of the most influential stocks on Wall Street and considered a bellwether for the broader AI industry. Dollar General tumbled nearly 25% after it missed sales and profit targets and cut its earnings-per-share guidance by more than a dollar. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022. The rate of inflation has been easing steadily back toward the central bank’s target of 2% since then, following the Fed’s aggressive interest rate hikes.
Markets were mostly lower in Asia. Japan’s benchmark Nikkei 225 slipped less than 0.1% while South Korea’s Kospi dipped 1.0%. Hong Kong’s Hang Seng added 0.5%.
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