Just past the 4 pm ET close, the $S&P 500 Index (.SPX.US)$ traded exactly flat for the day, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.59%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.23%.
Thursday, US gross domestic product, was revised up to a 3% increase for Q2 from a 2.8% gain in the previous estimate, above expectations. GDP rose by 1.4% in Q1.
Initial jobless claims fell by 2,000 to 231,000 in the week ended August 24, the Labor Department said Thursday, right at estimates and just below the revised 233,000 from last week.
Last week, Fed President Jerome Powell did not specify the timeline for these rate cuts. Still, he said he was confident the economy was on the way to 2% inflation. "The time has come to adjust, and the direction is clear," Powell said.
Investors are watching for macroeconomic data that might inform when and how strong rate cuts will come. Friday, we will see the release of the July person Consumption Expenditure index (PCE), the Fed's favorite inflation measure. Last time, the PCE came in at 2.6% year over year, the lowest since 2021. Michigan consumer expectations and confidence will also drop on Friday.
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Yesterday, users were hoping for a beat out of $NVIDIA (NVDA.US)$. They got it, but the stock still fell.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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