US stocks started the day mixed following the release of the country’s GDP. The S&P 500 index was in the red as the Dow Jones Industrial Average edged 57 points lower. The Nasdaq 100 index fell more than 64 points.
US Inflation Concerns
According to the second estimate released Bureau of Economic Analysis, the US real gross domestic product (GDP) increased at an annual rate of 6.6% in the second quarter of 2021. The real GDP increased 6.3% in the first quarter of the same year.
The increase in real GDP in the second quarter was linked to the increases in personal consumption expenditures (PCE), nonresidential fixed investment, exports, and state and local government spending. The rise in PCE reflected increases in services.
The US weekly initial jobless claims data for the week ending August 21 came in higher than expected. According to data published by the Department of Labor earlier today, the jobless claims in at 353,000, up from 349,000 in the previous week.
US Treasury yields were mixed after the kicking off of the Fed’s annual Jackson Hole symposium. The yield on the benchmark 10-year Treasury note advanced to 1.351%. The yield on the 30-year Treasury bond inched slightly lower to 1.95%.
Oil prices were in the red on Thursday snapping their four-day winning streak. US West Texas Intermediate (WTI) crude oil slipped 1.11% to $67.59 per barrel. Brent crude oil fell 1.05% to $71.48 per barrel.
S&P 500 Movers
Coty Inc was the best performer in the S&P 500 index. The multinational beauty company gained 13.37% following its Q4 earnings. The company’s revenue jumped 89.6% to $1.06 billion, down from $560 million in 2020.
NetApp Inc jumped 5.08% after the release of its Q1 earnings for 2021. The American hybrid cloud data services and data management company announced a profit of $202 million, up from $77 million in last year’s first quarter.
Salesforce.com Inc reported its second-quarter earnings earlier today. The company’s earnings were up $1.48 per share. Its revenue jumped to $6.34 billion in the same quarter. The enterprise software maker was gained 4.62% in its stock price.
On the flip side, Dollar Tree Inc led the laggards in the S&P 500 index. This followed a 0.2% decline in its store sales in the second quarter.
Autodesk Inc was also in the red in Thursday’s trading session. The software company declined 7.72% following its second-quarter earnings report. Its total revenue jumped 16% to $1.06 billion while its free cash flow came in at $186 million.