On Thursday, the S&P 500 Index rose by 0.72%, the Dow Jones Industrial Average increased by 0.20%, and the Nasdaq 100 Index jumped by 1.43%, marking one-week highs for all three indices. Key drivers included a revenue forecast from Nvidia estimating a 70% growth by fiscal 2028, which led to an 8% surge in its stock, and a $31 billion joint venture between Sandisk and Kioxia Holdings aimed at boosting flash memory production.
U.S. weekly initial unemployment claims unexpectedly fell by 4,000 to 203,000, against expectations of an uptick to 208,000, reflecting a strong labor market. However, hawkish comments from Federal Reserve officials added downward pressure on equity and bond markets; predictions for a potential rate hike at the next Fed meeting on September 15-16 reflect a 33% chance.
The outlook for Q2 earnings remains bullish, with S&P 500 earnings growth expected to reach nearly 32%, outperforming previous estimates of 23%. Notably, 86% of the 478 companies that have reported Q2 results thus far surpassed earnings expectations, signaling strong performance overall.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
