Dow rises 200 points for fresh record close, Nasdaq falls as Nvidia shares tumble: Live updates

The Dow Jones Industrial Average closed astatine a caller grounds precocious during its Thursday session.

The 30-stock scale gained 243.63 points, oregon 0.59%, to decorativeness astatine 41,335.05.

On the different hand, the S&P 500 was small changed and closed astatine 5,591.96. The Nasdaq Composite declined 0.23% to settee astatine 17,516.43.

— Lisa Kailai Han

Piper Sandler continues to favors tiny and medium-sized companies.

"A reasonably quiescent trading week is expected up of the Labor Day weekend; however, respective cardinal net reports could spark immoderate volatility. Overall, the marketplace has been broadening into SMID-caps, which is historically the lawsuit during the 2nd fractional of predetermination years," main marketplace technician Craig Johnson said successful a Thursday note.

Johnson favors industrials, financials, exertion and healthcare successful the tiny to mid-cap abstraction based connected their improving comparative strength. He noted that lone financials and healthcare sectors bucked the broader market's diminution connected Wednesday, with some sectors besides notching grounds highs.

— Pia Singh

Stocks person already begun to recoup their losses from Wednesday's session, with each 3 large averages trading higher connected Thursday afternoon.

According to BTIG main marketplace technician Jonathan Krinsky, Wednesday's weakness mightiness beryllium the past the marketplace sees successful immoderate clip arsenic investors effort for caller all-time highs.

"This apt sets up the emblematic beardown first-half of September, portion the back-half is typically much treacherous," helium wrote successful a Thursday note. "This would besides acceptable with a imaginable 'sell the news' aft the archetypal expected complaint chopped connected September 18th."

— Lisa Kailai Han

U.S. crude lipid futures roseate astir 2% connected Thursday, rebounding aft a two-day losing streak arsenic Libya confirmed large disruptions successful its lipid output.

The West Texas Intermediate contract for October settled astatine $75.91 per barrel, up $1.39, oregon 1.87%. The Brent October declaration settled astatine $79.94 per barrel, up $1.29, oregon 1.64%.

Production successful Libya has fallen by 1.5 cardinal barrels implicit the past 3 days for a full nonaccomplishment of $120 million, according to the OPEC member's National Oil Corporation.

Rival governments successful Libya are locked successful a governmental dispute. The eastbound authorities successful Benghazi, which is not internationally recognized, has threatened to unopen down each lipid accumulation and exports arsenic the U.N.-backed occidental authorities successful Tripoli seeks to regenerate the OPEC member's cardinal slope head.

— Spencer Kimball

Companies request to bash much than conscionable bushed net expectations for their stocks to rally, according to Interactive Brokers main strategist Steve Sosnick.

"We've gotten into this situation wherever beating estimates is nary longer a capable information for a post-earnings rally. It's a indispensable condition," said Sosnick. "When you person 75% oregon 80% of companies beating their estimates connected immoderate fixed quarter, that tells you it's not specified a peculiar happening anymore."

An illustration of this is Nvidia, Sosnick noted. The banal fell much than 6% connected Thursday contempt the chipmaker reporting fiscal second-quarter net and gross that bushed expectations.

"It's not a sound connected them. ... They proceed beating and raising estimates," helium added. "But I deliberation that the magnitude of the surprises is shrinking astatine a clip erstwhile radical person raised the bar."

— Fred Imbert

The banal market's Thursday gains overgarment an optimistic representation for the market's rotation retired of mega-cap names, according to Scott Ladner, main concern serviceman astatine Horizon Investments.

"This is really incredibly affirmative and bullish to person a marketplace time wherever Nvidia, which is the bellwether for AI, to beryllium down and the wide market, particularly exertion and semiconductors, to beryllium powerfully up connected the day. It conscionable speaks to the broadening that we're starting to spot successful this rally," helium told CNBC successful an interview.

— Lisa Kailai Han

Analysts who screen Dollar General accidental the institution has to resoluteness immoderate execution issues, but the company's anemic show besides speaks to immoderate broader economical trends that are worthy noting.

Specifically, CEO Todd Vasos said the 3 softest weeks of same-store income successful the second quarter each had thing successful common: They occured astatine the extremity of each of the calendar months.

"This signifier suggest that our customers are little capable to agelong their budgets done the extremity of the month," Vasos said during a league call.

Dollar General's halfway user has a household income of little than $35,000 and they are feeling squeezed. In a caller survey the retailer conducted, astir 30% said they person maxed retired astatine slightest 1 of their recognition cards, and 25% accidental they expect to miss a outgo implicit the adjacent six months.

Dollar General shares are down astir 30%, connected gait for its worst league ever.

— Christina Cheddar Berk

JPMorgan added Abercrombie & Fitch to its 'Analyst Focus List' arsenic a maturation idea, citing the covering retailer's beardown net and same-store-sales maturation during the 2nd 4th and imaginable for that momentum to proceed into the adjacent one.

Analyst Matthew Boss maintained his overweight standing and December 2025 terms people of $194, which suggests the company's shares tin leap 40.3%. The banal is up 59.6% this twelvemonth adjacent aft its steep post-earnings pullback connected Wednesday.

"Following selling & merchandising improvements implicit the past fewer years, the Abercrombie marque has successfully expanded its lawsuit reach... with beardown caller lawsuit acquisition globally supporting broad- based topline results, successful summation to greater afloat terms selling," Boss said successful a Wednesday note. "We besides spot marque momentum gathering internationally, noting ~$400M gross recapture accidental remaining comparative to pre-pandemic."

Boss added that Abercrombie's Hollister marque inflection is lone successful the "middle innings" with opportunities for its Mens and Tops businesses to summation further upside. He besides expects the institution to spot yearly humble EBIT borderline enlargement successful the agelong tally supported by occupancy disbursal savings.

— Pia Singh

Dollar General plummeted astir 30% during day trading, putting shares of the discount retailer connected gait for their worst league ever.

The declines came aft the institution cut its full-year income and nett guidance arsenic lower-income customers travel nether pressure. Dollar General besides fell abbreviated of Wall Street's net and gross estimates for the fiscal 2nd quarter.

Shares person shed 36% since the commencement of the year.

Dollar General heads for worst time ever

The aerospace and defence assemblage was outperforming the broader marketplace connected Thursday.

One of the apical performers among ITA's large holdings was Boeing, which roseate much than 2%. Boeing has fallen successful the 3 erstwhile trading sessions this week.

TransDigm Group was different standout successful the ITA connected Thursday, rising astir 3% and hitting its ain grounds high.

— Jesse Pound

Here are the stocks connected the determination midday:

Dollar General – The discount retailer's shares tumbled astir 30% aft the company slashed its income and nett guidance for the afloat year. Dollar General CEO Todd Vasos said the softer income trends are partially attributable to a halfway lawsuit who feels "financially constrained." The retailer besides reported disappointing results for the fiscal 2nd quarter. Shares of competitor Dollar Tree fell much than 9% successful sympathy.

Affirm – Shares surged 34% connected the bargain now, wage aboriginal company's stronger-than-expected gross outlook for the fiscal archetypal quarter. Affirm expects gross for the play to travel successful betwixt $640 cardinal and $670 million, supra the $625 cardinal expected from analysts surveyed by LSEG.

Best Buy – Shares jumped 15%. Best Buy raised its net outlook for the fiscal year. The institution present expects an adjusted net scope of $6.10 to $6.35 per share. That's higher than the anterior scope of betwixt $5.75 and $6.20 per share. Results for the fiscal second-quarter were besides amended than expected.

Read the afloat database here.

— Sean Conlon

Shares of Birkenstock plunged much than 16% aft the institution missed net estimates, putting it connected gait for its worst time connected record.

If the banal closes astir this level, this would people the biggest percent driblet since the German sandal shaper went public connected the New York Stock Exchange connected Oct. 11, 2023, erstwhile shares fell much than 12%.

Birkenstock, 1-day

Berkshire Hathaway's Class A shares gained 0,6% Thursday to commercialized supra the $700,000 threshold, marking different milestone for Warren Buffett's conglomerate.

Just connected Wednesday, Berkshire reached a $1 trillion marketplace capitalization, the archetypal nontechnology institution successful the U.S. to people the coveted milestone. The drawstring of bully quality takes spot during the day week of the Oracle of Omaha arsenic helium turns 94 connected Friday.

Shares of the Omaha, Nebraska-based conglomerate person rallied much than 29% successful 2024, acold supra the S&P 500′s 18% gain. A method glitch astatine the New York Stock Exchange successful aboriginal June caused the banal to surge abnormally, trading supra &700,000 for a little period.

— Yun Li

During Thursday's session, user staples and existent property were the lone 2 sectors trading little successful the S&P 500. The sectors respectively pulled backmost by 0.5% and 0.7%.

On the different hand, the industrials, communications services and user discretionary sectors led the scale higher, with each 3 categories gaining supra 1% by noon.

— Lisa Kailai Han

The Dow Jones Industrial Average was past trading astir 228 points, oregon 0.6%, higher connected Thursday to claw backmost immoderate of its Wednesday losses.

Shares of Intel, Apple and Microsoft led the 30-stock scale higher, with the exertion names respectively climbing 3.7%, 2.6% and 2.3%.

On the different hand, Salesforce banal was a laggard aft rising earlier successful the time connected the backmost of an net beat. Verizon Communications and Home Depot besides each climbed by 0.8% and 0.5%, respectively.

— Lisa Kailai Han

History shows that investors who are disquieted astir the U.S. system falling into a recession don't request to unreserved into a antiaircraft position, according to Ned Davis Research.

Ed Clissold, the firm's main U.S. strategist, said successful a enactment to clients that the hazard of an imminent recession is debased and that investors tin enactment the people for now.

"While it is ever bully to bash ones' homework and person a program for the adjacent recession, our decision is that it is excessively soon to crook antiaircraft connected equities," the enactment said.

The S&P 500 typically peaks astir 6 months earlier a recession starts, according to NDR. The scale deed its astir caller grounds precocious successful mid-July.

And adjacent if that July precocious h2o people does beryllium to beryllium the highest for this cycle, there's a decent accidental that immoderate losses implicit the adjacent fewer months are modest, according to Clissold.

"Absent a bubble oregon secular carnivore market, the declines during the six months earlier recession
start dates person tended to beryllium little than 6%," the enactment said, portion the worst of the pre-recession harm happened successful the 2 months earlier the recession commencement date.

—Jesse Pound

With a imaginable economical betterment connected the skyline successful aboriginal 2025, Wells Fargo's Investment Institute believes that investors should statesman broadening their portfolio exposures.

"We privation to beryllium acceptable to broaden equity-sector vulnerability successful ample caps arsenic good arsenic perchance summation allocations to different equity plus classes, including small-caps but besides successful large-cap sectors that we believes should payment from the economical cycle's upturn, including financials," strategist Scott Wren wrote.

Wren besides recommended investors see buying into what helium called the "building blocks of growth," which includes stocks successful the industrials, materials and vigor sectors.

"The accelerated maturation successful generative artificial quality is driving concern successful electrical-grid upgrades and data-center buildouts that are needed to grow this caller exertion and greatly heighten productivity successful a wide swath of industries extracurricular of the accepted accusation exertion sector," helium added.

— Lisa Kailai Han

Affirm's CEO called it a "killer quarter," and investors look to agree, with shares popping astir 25% earlier the market's open. The company, which provides bargain now, wage aboriginal services, expects to deed a large milestone by the 4th fourth of fiscal 2025: reporting an operating nett connected a GAAP basis. What's more, it said it plans to marque this a sustainable trend.

Mizuho expert Dan Dolev expects the banal could much than treble from Wednesday's closing price, arsenic helium has a $65 terms target. Dolev said involvement complaint cuts aren't baked into the company's forecast, which means determination could beryllium upside to Affirm's estimates. Additionally, Affirm's Apple concern could supply a further boost to the business.

"We presumption the premium [in Affirm's banal price] arsenic warranted fixed AFRM's presumption arsenic the marketplace leader, not conscionable successful [buy now, wage aboriginal space] but payments arsenic well, and it continues to amended connected adjusted profitability prospects," Dolev wrote successful a probe note.

— Christina Cheddar Berk

Check retired immoderate of the companies making headlines successful premarket trading.

• Salesforce — Shares jumped 5% connected the backmost of second-quarter net and gross that beat expert expectations. The lawsuit narration absorption bundle shaper besides raised its full-year outlook and announced CFO Amy Weaver volition measurement down from her post.
• Salesforce — Shares jumped 5% connected the backmost of second-quarter net and gross that beat expert expectations. The lawsuit narration absorption bundle shaper besides raised its full-year outlook and announced CFO Amy Weaver volition measurement down from her post.
• CrowdStrike — The unreality information institution fell astir 2% aft its third-quarter outlook missed expert expectations. CrowdStrike sees net successful the existent 4th of 80-81 cents per share, portion analysts surveyed by FactSet had estimated 96 cents. CrowdStrike besides chopped its full-year guidance to a scope of $3.61 to $3.65 per share, compared to a erstwhile $3.93 to $4.03 and a statement estimation of $3.90 from analysts.

Read the afloat database here.

— Brian Evans

Initial filings for unemployment security moved somewhat little for the week ended Aug. 24, the Labor Department reported Thursday.

First-time claims totaled 231,000 for the period, down 2,000 from the erstwhile week and somewhat supra the 230,000 Dow Jones estimate.

Continuing claims, which tally a week behind, totaled 1.868 million, an summation of 13,000 but somewhat beneath the 1.87 cardinal FactSet estimate.

— Jeff Cox

Economic maturation was stronger than initially estimated successful the 2nd 4th owed mostly to an upward revision successful user spending, the Commerce Department reported Thursday.

Real gross home product accrued astatine an annualized 3% gait for the April-through-June period, up from the erstwhile estimation of 2.8%, according to the department's Bureau of Economic Analysis successful its 2nd of 3 GDP readings.

Consumer spending accelerated astatine a 2.9% gait for the period, adjacent arsenic the savings complaint was revised little to 3.3%, oregon 0.2 percent constituent little than the archetypal estimate.

On the ostentation front, astir numbers were revised lower. The idiosyncratic depletion expenditures terms index, the Federal Reserve's preferred ostentation measure, was chopped to 2.5%. Core excluding nutrient and vigor saw a downward revision to 2.8%. Both were lowered by 0.1 percent point. However, the chain-weighted terms scale roseate 2.5%, higher than the erstwhile 2.3% estimate.

— Jeff Cox

Ahead of the November U.S. statesmanlike election, Bank of America recovered that a mixed Congress would supply the astir affirmative result for large-cap net stocks.

On the different hand, a Democratic expanse would astir apt summation imaginable regulatory unit and legislation, particularly for Alphabet, Meta and Amazon.

A Republican expanse could summation the likelihood of higher tariffs, little taxes, greater chances of a TikTok prohibition and little anti-trust enforcement. This would beryllium "a mixed bag, which could beryllium considered astir beneficial for Gig system (high growth, little employment regulation)," Bank of America wrote.

— Lisa Kailai Han

Post-Nvidia earnings, UBS believes that aboriginal gains for the planetary exertion assemblage volition apt beryllium much gradual versus the "quick rebound" markets person seen successful August.

That's due to the fact that marketplace volatility could emergence connected the backmost of uncertain economical information and quality of semiconductor export controls. To that end, the slope advised investors to support this marketplace volatility successful caput arsenic they shifted their positioning.

"We urge investors analyse their AI vulnerability arsenic they navigate tech volatility. Investors with debased existing AI holdings should make a program to physique up semipermanent vulnerability to the theme," UBS wrote.

— Lisa Kailai Han

Don't disregard Nvidia's results based connected the banal decline, said Adam Crisafulli of Vital Knowledge.

"The Nvidia results/guidance are triggering immoderate knee-jerk 'not bully enough' selling unit successful that sanction specifically, but the results were rather beardown connected an implicit basis," helium said.

Nvidia shares were down arsenic overmuch arsenic 8% successful after-hours trading earlier recovering astir of that decline. They were past down astir 2%.

NVDA intraday

European markets were higher arsenic trading began connected Thursday arsenic investors looked to economical information from crossed the portion and assessed the tech assemblage aft Wednesday's Nvidia net release.

The pan-European Stoxx 600 was 0.33% higher astatine 8:24 a.m. London time, with large determination bourses and sectors mostly trading successful the green. Oil and state and security stocks pulled backmost slightly, portion tech roseate 0.85%.

— Sophie Kiderlin

Powersports stocks specified arsenic Harley-Davidson and Polaris person a way grounds of rallying aft the archetypal involvement complaint chopped successful the cutting cycle, Bank of America said successful a enactment from Wednesday.

"Over the past 7 complaint chopped cycles, HOG banal has accrued 31% connected mean 12 months aft the archetypal cut, portion PII has accrued 40%, some importantly greater than 12% for the S&P 500," the slope said.

The marketplace has already priced successful a complaint chopped astatine the FOMC's upcoming September meeting. The CME FedWatch Tool suggests a 63.5% probability of a 25-basis-point complaint cut, portion the probability of a 50-basis-point chopped is astir 36.5%.

— Lisa Kailai Han

Check retired the companies making headlines successful extended trading.

• Nvidia — The artificial quality chipmaker dropped 5% adjacent after Nvidia bushed expectations in its fiscal second-quarter results. Adjusted net per stock of 68 cents exceeded the LSEG statement estimation of 64 cents per share. Revenue of $30.04 cardinal exceeded the anticipated $28.7 billion. In the existent quarter, Nvidia expects astir $32.5 cardinal successful revenue, much than the $31.77 cardinal expected by analysts, according to StreetAccount.
• Salesforce — The bundle banal precocious 3.5% aft Salesforce reported better-than-expected fiscal second-quarter results and raised its full-year nett outlook. Separately, the institution said president and CFO Amy Weaver volition measurement down.
• CrowdStrike — Shares popped 3.9% aft the cybersecurity institution exceeded fiscal second-quarter expectations on the apical and bottommost lines. CrowdStrike posted adjusted net of $1.04 per share, much than the LSEG statement estimation of 97 cents net per share. Revenue of $963.9 cardinal came successful supra the expected $959 million.

Read the afloat database here.

— Sarah Min