In the second quarter, the U.S. gross domestic product (GDP) saw a robust real growth of 2.8%, accelerating from the previous quarter's 1.4% growth and surpassing the 2% estimates.

Inflation pressures, measured by the Personal Consumption Expenditure (PCE) price index, eased from 3.4% to 2.6%, indicating progress towards the Federal Reserve's 2% target. Core PCE inflation, excluding food and energy items, also fell from 3.7% to 2.9%, though it slightly missed the expected drop to 2.7%.

"The US economy is much stronger than people realize. Those concerned about a growth slowdown should feel reassured by this morning's GDP number," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.

Despite the strong economic performance, market expectations for upcoming Federal Reserve rate cuts remain unchanged, with the probability of a September rate cut holding steady at 100%.

Following the GDP report, U.S. equity futures turned positive, reflecting a resurgence in risk sentiment after days of significant volatility. At 09:00 a.m. ET, contracts on the tech-heavy Nasdaq 100 rose 0.2%, while those on the S&P 500 and the Dow each increased by 0.1%.

7 ETFs On The Move Thursday

Significant moves in exchange-traded funds (ETFs) during Thursday premarket trading included:

• The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) up 0.9%
• The Financials Select Sector SPDR Fund (NYSE:XLF) up 0.5%
• The Utilities Select Sector SPDR Fund (NYSE:XLU) up 0.5%
• The iShares Russell 2000 ETF (NYSE:IWM) up 0.6%
• The SPDR Gold Trust (NYSE:GLD) down 1.2%
• The iShares Silver Trust (NYSE:SLV) down 4.5%
• The iShares Bitcoin Trust (NASDAQ:IBIT) up 2.4%

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