Stocks closed with mixed results on Wall Street after some late-day selling. The S&P 500 was essentially flat after giving up an earlier gain of nearly 1%. The Nasdaq fell 0.2%, while the Dow Jones Industrial Average managed a gain of 243 points, or 0.6%. Nvidia weighed on the market with a drop of 6.4%. Its stellar results for the second quarter failed to meet the lofty expectations of some analysts. On the economic front, the Commerce Department upgraded its assessment of U.S.
The market’s gains came despite a drop in Nvidia, which has ridden the frenzy over artificial intelligence to become one of the S&P 500’s most influential companies. Its shares fell 6.4% despite stellar results for the second quarter. The stock, with a total market value topping $3 trillion, is still up 138% in 2024.
The mostly solid earnings and economic growth updates are capping off a month of encouraging reports for the broader economy. Data from various reports in August have shown that retail sales, employment and consumer confidence remain strong. The solid economic data and easing of inflation have bolstered hopes for the Federal Reserve to achieve what it hopes is a “soft landing” for the economy after raising its benchmark interest rate to a two-decade high. The goal was to slow the economy and tame inflation without causing a recession.
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