A new high for the S&P 500 capped Thursday’s session, with AI momentum outshining mixed guidance and ongoing global trade spats. Upward GDP revision, surprising housing resilience, and rotations in software and small caps illustrated a market still eager for growth as summer draws to a close. Yes indeed, Wall Street advanced to fresh record levels Thursday with the S&P 500 moving on to a new high of 6,501.86, up 0.32%. The Dow Jones Industrial Average climbed 0.23% to 45,636.90,+.16%, while the Nasdaq Composite led large-cap gains, rising 0.53% to 21,705.16 as AI and technology shares continued to dominate flows. The Russell 2000 joined the rally with a 0.19% advance closing at 2,378.41, as risk appetite extended into small caps amid broad sector participation
Macroeconomic Reports
The Commerce Department revised Q2 GDP upward to an annualized pace of 3.3%, ahead of consensus expectations and the prior 3.0% estimate. The upgrade was driven by stronger business investment and resilient consumer spending. Meanwhile, weekly jobless claims remained near historic lows at 221,000, suggesting ongoing labor market tightness despite global trade headwinds. Pending Home Sales for July printed a surprise 2.8% gain, signaling pockets of housing market resilience even as affordability concerns linger.
Federal Reserve, Yield Curve & Interest Rates
No new policy actions were announced by the FOMC. Fed Chair Powell’s recent hints at a September rate cut kept market sentiment buoyant. The 2-year Treasury yield settled higher at 3.637% and the 10-year yield move lower to at 4.208%.
Tariff and Trade News
The U.S. formally doubled tariffs on a wide range of Indian imports, now totaling up to 50% following diplomatic breakdowns over oil and tech trade. India announced targeted assistance for manufacturers and supply chain partners while American importers continue to navigate rising costs in apparel, jewelry, and chemicals. Tariff escalation remains a crosscurrent for both U.S. multinational strategies and global growth projections.
Corporate Headlines & Share Price Movements
NVIDIA (NVDA, $180.17, -.79%) delivered robust quarterly results with revenue up 56% year-over-year, but shares slipped nearly 1% after executives warned on the outlook for China sales due to regulatory risks. Despite the slight pullback, Nvidia remains atop the market’s AI hardware boom.
Tesla (TSLA) closed 1.04% lower to $345.98 as investors weighed sector rotation and rising competition in the EV space.
Meta Platforms (META) finished up .50% at $751.11.
McDonald’s (MCD) rose .25% to $312.22 but remained a retail standout, buoyed by immersive marketing partnerships and brand campaigns.
Intel (INTC) climbed .32% to $24.93, extending gains on continued positive momentum in foundry investment news and government contracts.
MongoDB (MDB) climbed another 7.58% to $318.10 a move that rose on top of yesterday’s 38% increase that followed sharply as they raising full-year profit guidance.
Oracle (ORCL) rose 1.91% to $240.32 as sentiment turned more favorable for enterprise tech and cloud leaders.
Palantir Technologies (PLTR) edged up .89% to $158.12, highlighting ongoing volatility as the AI analytics leader contends with valuation recalibration and macro headwinds.
Rio Tinto Group (RIO) added 1.24% to $62.88, supported by stronger metals prices and relief from a lack of new tariffs on mining exports.
Pure Storage (PSTG, $80,54, +32.24%) raised revenue guidance and completes $390 Million Share Buyback.
Snowflake (SNOW, $241, +20.27%) reported Q2 fiscal 2026 non-GAAP earnings of 35 cents/share nearly doubling the quarter from a year ago.
Mergers, Acquisitions & Buyouts
Walgreens Boots Alliance (WBA) completed its final day in the S&P 500, set to go private via a $10 billion buyout by Sycamore Partners.
Commodities & Cryptocurrencies Closing Prices
- Gold: Closed at $3,476.80/oz, +.82%.
- Silver: Ended at $39.705/oz, +1.26%,
- Oil (WTI): Closed at $64.30/barrel, +.23%.
- Bitcoin: Traded in the $112,075 range.
