4:15pm: Stocks on the front foot
Surprising GDP data that showed the US economy grew more than initially estimated in Q2 saw the S&P 500 notch another all-time high on Thursday. The index crossed the 6,500 level for the first time ever, up 0.3% at 6,501 points
The Nasdaq was up 0.5% at 21,705 points and the Dow Jones added 0.2% at 45,636 points.
3:48pm: Proactive news headlines
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) announced a non-brokered private placement of up to 3.33 million units, at a price of C$0.30 per unit, for gross proceeds of up to C$1 million.
- MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF), a provider of innovative regenerative agriculture solutions, has reported record revenue for the second quarter, with sales of $2.8 million for the three months ended June 30, 2025.
- Baselode Energy Corp (TSX-V:FIND, OTCQB:BSENF) reported that on August 22, 2025, the Supreme Court of British Columbia granted final approval for the company’s acquisition of Forum Energy Metals Corp (TSX-V:FMC, OTCQB:FDCFF).
2:42pm: Market movers
- Best Buy Co Inc (NYSE:BBY) reported second quarter fiscal 2026 results, with revenue and earnings exceeding Wall Street expectations, but its shares moved lower as it maintained a cautious outlook for the full year.
- Dick's Sporting Goods (NYSE:DKS) reported second quarter 2025 revenue and earnings Thursday that surpassed analyst estimates, although the retailer’s revenue guidance disappointed investors.
- Bath & Body Works Inc (NYSE:BBWI) shares fell almost 10% Thursday as the lifestyle retailer’s second quarter earnings fell short of expectations due to rising costs amid uncertain consumer spending, and it slashed its full-year sales guidance.
- Hormel Foods Corp (NYSE:HRL) shares sank nearly 14% to about $25 on Thursday after the global food company’s third-quarter financial results disappointed investors.
- Toronto-Dominion Bank (TSX:TD) reported better-than-expected financial results for its third quarter 2025, boosted by its Canadian personal and commercial banking division.
- Dollar General Corp (NYSE:DG) announced second quarter 2025 financial results that exceeded analyst expectations and the company increased its full-year guidance.
- Snowflake Inc (NYSE:SNOW) shares surged more than 15% on Thursday as the AI data cloud firm’s second quarter earnings impressed Wall Street.
12:35pm: Cook sues Trump
US stocks moved higher in the early afternoon as Fed governor Lisa Cook sued Trump over his attempt to fire her.
Trump cited allegations of mortgage fraud related to two home loans Cook obtained in 2021, before her Senate confirmation, as the reason for her removal.
Cook's lawsuit, filed in a federal court in Washington, D.C., argues that the firing is unlawful, violates her due process rights, and breaches the Federal Reserve Act, which states governors can only be removed "for cause."
She contends the mortgage fraud allegations are unsubstantiated and used as a pretext for her removal to advance Trump's agenda to influence the Federal Reserve by installing loyalists.
The Nasdaq led the gains, up 0.4% at 21,677 points. The S&P 500 was up 0.2% at 6,491 points and the Dow Jones added 22 points at 45,587 points.
11:20am: Q2 GDP revised higher
The US economy grew at a faster pace in the second quarter of 2025 than previously estimated, reflecting stronger consumer spending, a boost from trade, and increased business investment.
The US Bureau of Economic Analysis (BEA) reported Thursday that inflation-adjusted gross domestic product (GDP) rose at an annualized rate of 3.3% from April through June, up from the initial estimate of 3%. This followed a 0.5% drop in Q1.
Consumer spending, which makes up about two-thirds of the economy, was revised up to a 1.6% increase. Business investment jumped 5.7%, led by spending on intellectual property products. A decline in imports also boosted GDP, while government spending and exports fell.
10:46am: Nvidia lower after earnings
Nvidia shares traded down 1.3% despite topping quarterly estimates as data center revenue fell short of expectations amid investor caution around its China business.
Sales to China remained a "major source of uncertainty", said analysts at Deutsche Bank, as the chipmaker didn’t record any sales of its H20 chips to China in the quarter but said it hopes to ship anywhere from $2 billion to $5 billion of the chips this quarter if it can overcome geopolitical issues.
While the White House allowed a resumption of export licenses for H20 chips to China in return for 15% of the revenue, the company said this plan had not yet been codified.
Kathleen Brooks, research director at XTB, said: “Without positive news about China sales, it is hard to see where the next driver for Nvidia’s share price will come from.”
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said the numbers were "very impressive… Still, they weren’t as gigantic as the most bullish estimates.” The growth rate in data centres slowed sequentially, which "explains why Nvidia’s stock price fell".
9:55am: Stocks open in red
Wall Street's main indices all opened slightly lower, with the Dow Jones down 0.15%, followed by the S&P 500 and the Nasdaq, both down around 0.1%.
Nvidia opened higher, but is now down 2.5% to $177.1.
Biggest fallers on the S&P are Hormel Foods, down 17% after quarterly profits come in below estimates due to rising commodity costs, and Cooper Companies, down 13% after a downgrade from Citi.
7:50am: Nasdaq futures called lower after mixed Nvidia earnings
Wall Street stock futures were volatile overnight as investors chewed over Nvidia Corp's (NASDAQ:NVDA, ETR:NVD) earnings and guidance, but as Thursday's opening bell neared some nervousness disappeared.
Futures for the main indexes were mixed, with the premarket losses for Nvidia having been pared back from 3% to under 2%.
Nasdaq futures were down 0.2%, Dow Jones futures were up 0.1%, while those for the S&P 500 were flat.
This followed a solid performance the day before, with the S&P up 0.2% to a new record closing high, while the Dow rose 0.3% and the Nasdaq 0.2%
Nvidia unveiled its earnings after the closing bell, showing a revenue gain of over 50% to beat Street forecasts, with guidance for the current quarter largely in line with expectations.
However, revenue at the main data centre division was very slightly below estimates at $41.1 billion compared to the $41.3 billion estimate.
Sales to China remained a major source of uncertainty, as the chipmaker did not record any sales of its H20 chips to China in the quarter, nor in guidance.
However, it hopes to ship anywhere from $2 billion to $5 billion of the chips this quarter if it can overcome geopolitical issues. While the White House allowed a resumption of export licenses for H20 chips to China in return for 15% of the revenue, the company said this plan had not yet been codified.
While the shares fell 3%, several analysts said the earnings were hardly disappointing.
Citi noted that AI demand appeared to be “robust”, with Blackwell Data Center revenue up 17% sequentially, with CEO Jensen Huang commenting that production of the Blackwell Ultra chip is “ramping up at full speed with extraordinary demand”.
Dan Ives at Wedbush was more upbeat, calling Nvidia "the only game in town" for AI chips and arguing that weakness in the share price should be seen as a "clear buying opportunity".
Elsewhere, company news today includes Best Buy Co Inc (NYSE:BBY), where revenues and earnings both beat the Street but shares fell 1% premarket.
Others include Brown-Forman, Brunello Cucinelli, Campbell Soup, Dell, Delivery Hero, Dick’s Sporting Goods, Dollar General, Hormel and Marvell.
The US GDP data second reading is due today, along with pending home sales and weekly unemployment claims.
Ulta Beauty, about which lots of positive analyst coverage has emerged of late, reports earnings after the close.