Equities in the US were mixed on Thursday as the S&P 500 finished flat, the Nasdaq 100 edged lower while the Dow Jones notched another close record. The tech-heavy Nasdaq dipped 39.69 points or 0.2 percent to 17,516.43 and the S&P 500 edged down 0.22 points or less than a tenth of a percent to 5,591.96, while the Dow managed to remain in positive territory, climbing 243.63 points or 0.6 percent to a new record closing high of 41,335.05.
The downturn by the tech-heavy Nasdaq came as shares of Nvidia (NVDA) saw further downside, with the AI stock plunging by 6.4 percent. The steep drop by Nvidia came even though the company reported fiscal second quarter results that exceeded analyst expectations and forecast fiscal third quarter revenues above estimates.
On the economic front, the Commerce Department said the surge by gross domestic product in the second quarter was upwardly revised to 3.0 percent from the previously reported 2.8 percent. With the upward revision, the pace of GDP growth in the second quarter showed an even faster acceleration compared to the 1.4 percent jump in the first quarter. Meanwhile, a separate report released by the Labor Department showed first-time claims for U.S. unemployment benefits edged slightly lower in the week ended August 24th. The report said initial jobless claims slipped to 231,000, a decrease of 2,000 from the previous week's revised level of 233,000.
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