THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
DOWNLOAD
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
View all Reports
Equities 3 MIN READ

Dow closes at record high, Nvidia falls after forecast

August 30, 2024By Reuters
Related Articles
US yields rise as tariff outlook outweighs tame inflation May 14, 2025 US recap: EUR/USD sheds gains as BoC hike lifts US yields, hits risk June 7, 2023 BRIEF-Ayala Corp Refers To Clarify News Article Entitled “Ayala Corp To Hike 2022 Capex To P297 Billion” Posted In Philstar.Com January 24, 2022

The Dow notched a record high close on Thursday in mixed trading following robust US economic data, while artificial intelligence chipmaker Nvidia dropped after its largely in-line forecast failed to impress investors.

The US economy grew faster than initial estimates due to strong consumer spending, the Commerce Department reported, supporting expectations the US is likely to avoid a recession.

“Downward revisions to inflation accompanying an upward revision to spending builds the case for a soft landing,” said Jeffrey Roach, chief economist for LPL Financial.

Nvidia’s quarterly revenue forecast late on Wednesday disappointed investors accustomed to the chipmaker beating expectations by massive margins in recent quarters.

Nvidia’s stock fell over 6%, trimming its 2024 gain to 137%.

Other AI-related stocks were mixed. Microsoft gained 0.6%, while Google-owner Alphabet dipped 0.7%.

Broadcom and Advanced Micro Devices each slid almost 1%.

“It’s too early to put the bear suit on for AI related companies. We think there’s still more upside,” said Terry Sandven, chief equity strategist at US Bank Wealth Management. “We see the AI revolution still in the relatively early innings and that bodes well for tech names.”

Apple rose 1.5% after Citigroup named the iPhone maker its top AI pick.

Apple and Nvidia are in talks to invest in OpenAI as part of a new fundraising round that could value the ChatGPT maker above USD 100 billion, according to media reports.

The Dow Jones Industrial Average rose 0.59% to 41,335.05 points, an all-time closing high. The S&P 500 index ended barely changed at 5,591.96 points, just below its July record high close as expectations for a September interest rate cut remained robust.

The Nasdaq declined 0.23% to 17,516.43 points.

A Labor Department report showed marginally lower-than-expected jobless claims for the previous week.

The July Personal Consumption Expenditures report, due on Friday, could offer hints on the central bank’s monetary policy easing trajectory.

CrowdStrike gained 2.8% after the cybersecurity company beat quarterly revenue estimates, while Dollar General slumped 32% after slashing its annual sales and profit forecasts.

Advancing issues outnumbered falling ones within the S&P 500 by a 2.1-to-one ratio.

The S&P 500 posted 68 new highs and four new lows; the Nasdaq recorded 91 new highs and 90 new lows.

Volume on US exchanges was relatively light, with 10.5 billion shares traded, compared to an average of 11.6 billion shares over the previous 20 sessions.

(Reporting by Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Pooja Desai, Shounak Dasgupta, Shinjini Ganguli, and Richard Chang)

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up