Global markets update: US stocks dip despite GDP growth

The S&P 500 sank 29.34, or 0.6%, to 4,537.41. The Dow Jones Industrial Average dropped 237.40, or 0.7%, to 35,282.72. The Nasdaq composite lost 77.17, or 0.5%, at 14,050.11. A latest report showed on Thursday that gross domestic product (GDP) advanced in the second quarter by more than most economists’ estimates, buoyed by resilient consumer spending and robust business investment.

Shares of Honeywell International dropped 5.7% after its revenue fell short of analysts’ expectations.

Meta Platforms’ stock rose 4.4%.

McDonald’s rose 1.2% after it beat analysts’ forecasts for profits. 

The yield on the 10-year treasury rose to 4.00% from 3.87% late Wednesday. The 2-year treasury yield rose to 4.92% from 4.85%.

Currencies

The US dollar fell to 139.35 Japanese yen from 139.99. The euro fell to $1.0975 from $1.1104.

Energy prices

US crude oil benchmark for September delivery rose $1.31 to $80.09 a barrel on Thursday. Brent crude for September delivery rose $1.32 to $84.24 a barrel.

Natural gas for August delivery fell 18 cents to $2.49 per 1,000 cubic feet.

Bullion

Gold for August delivery fell $24.40 to $1,945.70 an ounce. Silver for September delivery fell 60 cents to $24.37 an ounce.

Updated: 28 Jul 2023, 02:24 AM IST