S&P 500 Breaks New Records But Nvidia Misses The Party: What's Moving Markets Thursday?

The S&P 500 extended its spectacular rally to fresh record highs on Thursday, even as its most influential stock, Nvidia Corp. NVDA, failed to impress with its latest quarterly results.

Large-cap benchmarks remain on track for a third straight day of gains, with both the S&P 500 and the Dow Jones Industrial Average hitting record territory. The tech-heavy Nasdaq 100, however, is still trailing about 1.5% below the all-time peak set last month.

Despite Nvidia’s 1% drop, the broader tech sector held firm, signaling underlying market strength now powered by a wider range of companies.

On the economic front, U.S. GDP growth for the second quarter was revised higher to 3.3% from an earlier 3.1% estimate, rebounding sharply from a 0.5% contraction in the first quarter.

Meanwhile, a legal battle officially began between Federal Reserve Governor Lisa Cook and President Donald Trump, potentially changing what the agency has long maintained — political independence.

Trump’s attempt to dismiss Cook earlier this week over mortgage fraud allegations was met with a rejection and a lawsuit. Cook will now attend a hearing about the lawsuit for 10 a.m. E.T. Friday in Washington, D.C.

The U.S. dollar slipped 0.3%, boosting interest-rate-sensitive metals. Gold climbed 0.5% to $3,415 an ounce, its highest in five weeks, while silver jumped more than 1% to above $39.

Cryptocurrencies also advanced, with Bitcoin BTC/USD up 1.5% to $112,900 and Ethereum ETH/USD edging 0.3% higher to $4,520.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF VOO inched 0.2% higher to $595.81.
• The SPDR Dow Jones Industrial Average DIA inched 0.1% up to $456.40.
• The tech-heavy Invesco QQQ Trust Series QQQ rose 0.6% to $576.66.
• The iShares Russell 2000 ETF IWM edged 0.1% up to $236.26.
• The Technology Select Sector SPDR Fund XLK outperformed, up 0.3%; the Real Estate Select Sector SPDR Fund XLRE lagged, down 0.5%.

Stocks On The Move Thursday

Other than Nvidia, stocks reacting to earnings reports included:

• Snowflake Inc. SNOW, up 17%,
• Crowdstrike Holdings Inc. CRWD, up 2.5%,
• Dollar General Corp. DG, up 1.1%,
• Burlington Stores, Inc. BURL, up 7.54%
• Ambarella, Inc. AMBA, up 0.54%
• DICK’S Sporting Goods, Inc. DKS, down 3.18%
• Best Buy Co., Inc. BBY, down 4.78%
• Hormel Foods Corporation HRL, down 12.66%
• Brown-Forman Corporation BF, down 5.41%
• Ollie’s Bargain Outlet Holdings, Inc. OLLI, down 1.66%
• Bath & Body Works, Inc. BBWI, down 8.46%

Stocks slated to report earnings after the close include Dell Technologies Inc. DELL, Marvell Technology Inc. MRVL, Autodesk Inc. ADSK, Affirm Holdings Inc. AFRM, and Ulta Beauty Inc. ULTA.

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