The Dow Jones Industrial Average hit a record high on Thursday, rising 243.63 points (0.59%) to close at 41,335.05, boosted by gains in Goldman Sachs, Intel, and Visa. The S&P 500 finished just below flat at 5,591.96, while the Nasdaq Composite fell 0.23% to 17,516.43.
At the sector level XLE led on the day adding 1.30% while Financials, Industrials and Materials were also positive, likely boosted by an upwards revision in the GDP growth rate. XLK and XLP were the day’s biggest laggards both dropping 0.50% or more.
Nvidia’s 6.4% decline weighed on both the S&P 500 and Nasdaq, despite the AI chipmaker beating earnings expectations and issuing strong sales guidance for the next quarter. However, the earnings beat was smaller than usual, leading some investors to reassess.
Positive economic data also supported the market, with weekly jobless claims declining and the second-quarter GDP growth rate being revised up to 3% from 2.8%, easing fears of a recession.
2yr and 10yr Yields ticked higher to 3.9% and 3.86% respectively while Mid and Small Cap. stocks gained on large cap. with Mega Cap. Growth correcting. Commodities ticked higher back to 97 on the Bloomberg Commodities index while Crude Oil was essentially flat on the day.
Eco Data Releases | Friday August 30th, 2024
S&P 500 Constituent Earnings Announcements by GICS Sector | Friday August 30th, 2024
No S&P 500 Constituents Report on Friday
Factor Friday
Keep an eye out for our feature length Factor Friday article hitting ETFsector.com later this morning. In the meantime, we want to highlight the factor dynamics since July have generally been a trade-off away from Momentum and towards Low Vol. as the chart below indicates. Momentum has tried to rally through mid-August but is rolling over short of YTD relative highs as indicated in the chart below.
Data sourced from FactSet Data Systems
