Following a report that revealed the economy grew faster than previously estimated in the second quarter due to an increase in consumer spending, U.S. shares were up at midday on Thursday. The Nasdaq, S&P 500, and Dow all saw gains.
Amidst a resurgence in demand for tech products, Best Buy (BBY), an electronics retailer, exceeded revenue and earnings projections and upgraded its forecast, making it the best-performing company in the S&P 500.
Tesla’s (TSLA) stock increased when William Blair analysts started covering the maker of electric vehicles (EVs) with a “buy” rating, citing the company’s valuable energy storage division.
The medical equipment manufacturer exceeded profit projections and raised its guidance due to increased demand for its contact lenses, causing Cooper Companies (COO) shares to soar.
The bargain retailer, Dollar General (DG), failed profit and sales projections and cut its guidance, warning consumers that they are “financially constrained” by inflation. As a result, the company’s shares plunged.
Nvidia (NVDA) shares dropped after investors were not impressed by the artificial intelligence (AI) chipmaker’s earnings, even though they were better than expected by analysts.
Shares of American Eagle Outfitters (AEO) fell after the retailer’s revenue below estimates and it issued cautious guidance for the current quarter due to declining sales at its smaller brands.
Futures for gold and oil increased, and the rate on the 10-year Treasury note slightly increased. The euro, pound, and yen all lost ground against the US dollar. The majority of the top cryptocurrencies had positive prices.