Stock market today: The smallest stocks rally, but losses for Big Tech pull Nasdaq and S&P 500 lower

NEW YORK — Wall Street’s split widened, as smaller stocks and other formerly unloved areas of the market rose up while superstar Big Tech stocks gave back more of their huge gains. Most stocks climbed Thursday after a surprisingly strong report on the U.S. economy raised hopes for profits at smaller companies. Continued weakness for a pocket of Big Tech stocks including Nvidia and Microsoft weighed on the S&P 500, however, and the index fell 0.

Keeping the market in check were losses of 1.8% loss for Microsoft and 1.9% for Alphabet. They were following up on sharp losses from a day earlier, when investors pummeled Big Tech stocks after profit reports from Alphabet and Tesla underwhelmed and raised concerns that the market's frenzy around artificial-intelligence technology had sent prices too high.

The economy's growth accelerated to an estimated 2.8% annual rate from April through June, double the rate from the prior quarter. Perhaps just as importantly for Wall Street, the report wasn’t so hot that it fanned worries about upward pressure on inflation. Cuts to rates would release pressure that’s built up on both the economy and financial markets, and investors are thinking it could offer a particularly big boost to smaller stocks and other formerly downtrodden areas of the market.

IBM was one of the biggest reasons for the Dow Jones Industrial Average's climb, and it rose 5.3% after delivering stronger profit and revenue than expected for the last quarter. It also raised its forecast for how much cash it will generate this year, saying its AI business has been strong.

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