Market Commentary - Foreign Markets
US equities end mixed As on : 26-Jul-24  10:43

US stocks ended mixed on Thursday following a good rebound early in the session owing to sharper than expected acceleration in U.S. economic growth in the second quarter. Among the major averages, the Dow managed to settle higher, gaining 81.20 points or 0.20 percent at 39,935.07, a long way down from the day's high of 40,438.82. The S&P 500, which advanced to 5,491.59, ended nearly 100 points down from that level, at 5,399.22, losing 27.91 points or 0.51 percent. The Nasdaq ended with a loss of 160.69 points or 0.93 percent at 17,181.72, coming off a high of 17,544.46.

Energy and Industrials led the gains, while Communication Services and technology dragged the most. Among megacaps, Microsoft, and Alphabet fell by 2.5% and 3.1%, respectively. IBM rallied 4.3 percent. The company's bottom line totaled $1.83 billion, or $1.96 per share in the second quarter, compared with $1.58 billion, or $1.72 per share, in last year's second quarter.

On the economic front, a report released by the Commerce Department showed real gross domestic product in the U.S. surged by 2.8% in the second quarter after jumping by 1.4% in the first quarter, and exceeding expectation of 2% forecast. Meanwhile, a report from the Labor Department showed initial jobless claims fell to 235,000 in the week ended July 20th, a decrease of 10,000 from the previous week's revised level of 245,000.

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