On Thursday, the S&P 500 Index closed up 0.32%, reaching a new all-time high, while the Dow Jones Industrials Index rose 0.16% and the Nasdaq 100 Index increased by 0.58%. September E-mini S&P futures climbed 0.32%, and September E-mini Nasdaq futures increased by 0.56%. The upward movement was driven by a revision of the US Q2 GDP, now at 3.3% annualized growth, exceeding expectations, and a decrease in weekly unemployment claims to 229,000.
Despite the overall market rally, Hormel Foods’ shares dropped over 13% following disappointing earnings forecasts. Meanwhile, Nvidia’s stock declined by 0.79% after reporting lower-than-expected Q2 data center revenue, further impacting sentiment in AI stocks. Notably, over 95% of S&P 500 firms have reported earnings, with Q2 earnings expected to rise 9.1% year-over-year.
In tariff-related news, President Trump threatened new tariffs on technology sectors, extending existing tariffs on over 400 consumer goods, and announced a tariff truce with China for 90 days. Currently, the average US tariff is projected to reach 15.2%.
