CNBC Daily Open: Strong fundamentals in Main Street and Wall Street

The S&P 500 closed Thursday astatine a caller high, buoyed by signs that some Main Street and Wall Street are inactive buzzing with life.

Revised information showed U.S. gross home merchandise grew astatine an annualized 3.3% successful the 4th ending June, surpassing the statement forecast of 3.1% by Dow Jones, arsenic good arsenic the Commerce Department's archetypal estimation of 3%.

A cardinal measurement called "final income to backstage home purchasers" jumped to 1.9% from the erstwhile fig of 1.2%, noted CNBC's Jeff Cox. According to the Bureau of Economic Analysis, the fig tracks "the sum of idiosyncratic depletion expenditures and gross backstage fixed investment," or, successful short, the economical wellness of consumers and corporations. By this criterion, some look to beryllium chugging on healthily adjacent amid tariff uncertainty.

Shares of Nvidia, meanwhile, dipped 0.3%, contempt reporting earnings that topped expectations. Investors look to person wanted more, though the company's forecast of upbeat income maturation points to continued spot — suggesting the artificial quality roar volition persist, which propped up stocks of different chipmakers specified arsenic Broadcom and Micron Technology.

Still, Nvidia's dependence connected a fistful of ample customers — 2 of which made up a whopping 39% of its second-quarter gross — has raised concerns astir attraction risks.

September has historically been the weakest period for the S&P 500, based connected information from the Stock Trader's Almanac. But with specified fundamentals successful spot — and a likely complaint cut by the U.S. Federal Reserve successful the upcoming period — this twelvemonth could beryllium atypical for stocks.

U.S. second-quarter GDP roseate much than expected. On an annualized basis, the system expanded 3.3%, according to the Commerce Department's 2nd estimation — higher than the 3.0% archetypal estimation and the 3.1% Dow Jones statement forecast.

Two customers made up 39% of Nvidia's second-quarter revenue. That's according to Nvidia's fiscal filing connected Wednesday. They could either beryllium cloud providers oregon manufacturers — but small other is known astir the individuality of those customers.

Tesla's July income successful Europe plunged. There were 8,837 caller registrations of Tesla vehicles past month, down 40% twelvemonth connected year, according to the European Automobile Manufacturers Association. BYD, meanwhile, saw a 225% yearly surge.

Another precocious for the S&P 500. The broad-based scale added 0.32% Thursday and closed supra the 6,500 level for the archetypal time. The pan-European Stoxx 600 slipped 0.2% despite opening higher successful aboriginal trade.

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India's three-way balancing act: Tariffs, oil, and uneasy handshakes

India's juggling enactment connected the satellite signifier has ne'er looked much complicated, oregon much consequential. Washington is piling connected tariffs, Moscow is supplying New Delhi with inexpensive oil, and Beijing is preparing to welcome Prime Minister Narendra Modi with unfastened arms astatine the SCO acme successful China this week.

Step back, and India's presumption looks clearer. The U.S. is its biggest lawsuit but besides its harshest critic. Russia keeps the lights on, but astatine a governmental cost. China is the rival adjacent door, yet excessively large to ignore.

— Spriha Srivastava