S&P 500 closes at record despite Nvidia’s post-earnings dip |
The S&P 500 posted another record close, rising 0.3% on Thursday. That’s despite the biggest stock in the world, Nvidia, falling a little less than 1% after reporting solid but unspectacular Q2 results. The Nasdaq 100 outperformed with a 0.6% advance while the Russell 2000 rose 0.2%. Tech was the best-performing S&P sector ETF, while defensive pockets of the market like utilities, consumer staples, health care, and real estate all declined.
Gains on the day were led by Datadog and Fair Isaac which rose 7% and 6.2%, respectively. Hormel Foods was at the bottom of the S&P 500’s leaderboard, sinking 13% after the company missed Q3 earnings estimates and warned that higher commodity prices were weighing on profits. Elsewhere… |
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Pure Storage shares soared 32%, just inches from a record high, after the data storage company issued a beat-and-raise Q2 earnings report.
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Build-A-Bear soared 14.7% after posting record Q2 earnings and revenue, raising its outlook as it opened more than a dozen new stores and scaled back promotions.
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CoreWeave climbed 6% after Nvidia’s light Q2 data-center miss was chalked up to supply constraints, a positive for CoreWeave, which provides overflow GPU access.
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Burlington Stores shares jumped 5.4% after the off-price retailer reported second-quarter results that beat Wall Street forecasts and raised its full-year guidance.
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Victoria’s Secret shares rose as much as 9% before ending flat after the intimates retailer posted strong Q2 results and raised its full-year sales outlook. Similarly...
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Dollar General rose as much as 2% before closing flat after the discount chain crushed Q2 earnings and boosted its full-year profit guidance.
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Best Buy shares fell 3.7% after the electronics retailer delivered a solid Q2 as shoppers picked up more gadgets, but held its full-year guidance steady as tariffs loom.
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Bath & Body Works shares fell 6.9% after the lotion-and-soap maker posted mixed Q2 results, with shoppers still stocking up but rising admin and store costs eating into profits.
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— Luke Kawa, Markets Editor & Nia Warfield, Markets Writer |
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The chip designer’s still-enviable revenue growth only starts to look unimpressive when you compare it to itself.
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They want to raise prices. That’s a bad sign for inflation, but also a reminder of why stocks are “the best of all the poor alternatives” for investors when prices surge. Read more. |
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Yum! Brands is rethinking its rollout of AI drive-thru technology, according to The Wall Street Journal. Customers, frustrated by the tech’s glitchy behavior and quick but wrong performance, have taken to trolling the AI by placing ridiculous orders (see: “can I get 18,000 water cups, please?”).
Read more. |
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- Lyft’s CEO on the economics of robotaxis, how to end surge pricing, and reviving his company
Lyft wants to shed its “second-place, domestic-only, only a business-to-consumer company” reputation.
- Traders might not be too impressed by Nvidia’s earnings report, but Wall Street analysts sure are
The sell side sees 15% upside in Nvidia after earnings.
- Over half of Nvidia’s AI direct hardware sales revenue comes from just three customers
In its Q2 earnings release, Nvidia revealed its “concentration of revenue” from six unnamed companies who purchase directly from the company. -
In case you were worried, Nvidia hasn’t forgotten about gaming
According to Nvidia’s second-quarter earnings, the chip giant’s gaming revenue grew 49% from last year.
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Nvidia, the asset manager, had a massive Q2 thanks to CoreWeave’s rally
“Other net income” for Nvidia is way more than most S&P 500 companies’ total net income.
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Could YouTube really be the answer to the Oscars viewership problem?
And should the platform even want to be? -
American Bitcoin, backed by Trump’s eldest sons, set to start trading soon
The company is expected to merge with Gryphon Digital in early September. -
Dick’s Sporting Goods slips after disappointing revenue guidance outweighs earnings beat
That raise “includes the expected impact from all tariffs currently in effect,” the company said.
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BYD keeps outselling Tesla in Europe
BYD sold more than 50% more vehicles in the European Union last month than Tesla.
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Spot ethereum ETFs outpace bitcoin ETF inflows
In August, spot bitcoin ETFs only had five days of inflows that were greater than ethereum, per SoSoValue.
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