July 25, 2024 – 7:19 AM PDT
(Reuters) – Wall Street’s main indexes were mixed on Thursday as investors assessed stronger-than-expected GDP data and remained cautious after suffering a tech mauling in the previous session.
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Data showed the U.S. economy expanded 2.8% in the second quarter versus estimates of 2%, but inflation subsided, leaving intact expectations of a September rate cut.
“The growth rate was higher than what we were looking for, but the good news is that the economy expanded as consumers spent more as inflation dropped in the second quarter,” said Peter Cardillo, chief market economist at Spartan Capital Securities.
“This is a good sign in terms of the economy.”
Megacap stocks were mixed, after lackluster earnings from Alphabet (GOOGL.O) and Tesla (TSLA.O) pummeled the so-called “Magnificent Seven”…
