NEW YORK - Wall Street had a mixed showing on Aug 29, with the Dow reaching a fresh record after economic data indicating stronger second quarter GDP growth than initially estimated.

The Dow Jones Industrial Average jumped by 0.6 per cent to 41,335.05, while the broad-based S&P 500 was flat at 5,591.96.

The tech-focused Nasdaq Composite Index slipped 0.2 per cent to 17,516.43.

The movements came on the back of data indicating the US economy grew at an annual rate of 3 per cent in the April to June period - revised upwards from 2.8 per cent.

Consumer spending provided a boost, said the Commerce Department.

The report, coupled with a stabilisation in initial jobless claims, brought some relief to markets.

Initial claims slipped by 2,000 in the week ending Aug 24, indicating that layoffs remain low, said Oxford Economics in a note.

The Aug 29 record came despite a 6.4 per cent slide in chip giant Nvidia’s shares.

While the AI behemoth reported quarterly sales that beat expectations on Aug 28, investors showed nervousness that the company’s growth might be showing signs of normalisation.

Ahead of Nvidia’s earnings report, its share price was up about 160 per cent year-to-date and has accounted for a third of the S&P 500‘s gains in 2024.

On Aug 30, traders will be eyeing the Federal Reserve’s preferred inflation gauge ahead of a widely anticipated start to interest rate cuts in September. AFP