Stock market today: Wall Street sees mixed results after late-day selling, drop for Nvidia

A late-afternoon slide by some Big Tech companies cut into Wall Street’s gains Thursday, leading to a mixed finish for U.S. stock indexes.

The S&P 500 ended flat after giving up an earlier gain of nearly 1%. The benchmark index is about 1.3% away from its record set in July.

The Dow Jones Industrial Average managed a 0.6% gain, enough for its third all-time high since Monday. The Nasdaq composite, which is heavily weighted with technology stocks, slipped 0.2%. It had been up 1.3% in the early going.

Despite the mixed finish, gainers outnumbered decliners by roughly two to one on the New York Stock Exchange.

Nvidia, which has ridden the frenzy over artificial intelligence to become one of the S&P 500’s most influential companies, was the biggest weight on the market. Its shares fell 6.4% despite stellar results for the second quarter. The stock, with a total market value topping $3 trillion, is still up 138% in 2024.

Nvidia’s earnings beat and forecast may not have been a big enough surprise for some traders, but surging demand for its artificial intelligence chips show that “it is powering the AI revolution,” said Wedbush Securities analyst Dan Ives, in a note to investors.

“The tech stalwart delivered massive ‘drop the mic’ numbers yet again,” he said.

The market rallied earlier as encouraging data helped shift traders' focus back on the U.S. economy.

The Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, compared to a previous estimate of 2.8%. It's another signal that the economy remains strong, despite pressure from stubborn inflation and high interest rates.

Traders also had their eye on more corporate earnings.

CrowdStrike Holdings rose 2.8% after the cybersecurity company beat analysts’ second-quarter financial forecasts. The company had a botched software update during its most recent quarter, which triggered a technology meltdown that stranded thousands of people in airports, among other disruptions.

Dollar General slumped 32.1% after cutting its earnings forecast. Best Buy jumped 14.1% after the nation’s largest consumer electronics chain beat Wall Street forecasts, even as sales slipped and it cut guidance for the year.

The mostly solid earnings and economic growth updates are capping off a month of encouraging reports for the broader economy. Data from various reports in August have shown that retail sales, employment and consumer confidence remain strong.

“Solid growth of consumer spending propelled the economy forward in the second quarter, and the increase of consumer confidence in July suggests it will propel growth in the second half of the year as well," said Bill Adams, chief economist for Comerica Bank.

The key report this week comes on Friday, when the U.S. government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022.

The solid economic data and easing of inflation have bolstered hopes for the Federal Reserve to achieve what it hopes is a “soft landing” for the economy after raising its benchmark interest rate to a two-decade high. The goal was to slow the economy and tame inflation without causing a recession.

The central bank has signaled that it intends to start cutting its benchmark interest rate. Traders expect the first cut to happen at the next meeting in September. The market is betting that the Fed will cut its benchmark rate by 1% by the end of the year.

Anticipation for lower interest rates ahead is helping to ease some pressure on what has been a tight housing market. The average rate on a 30-year mortgage eased for the second week in a row and remains at its lowest level in more than a year. Still, most economists expect it will take even lower rates to get would-be homebuyers off the sidelines.

Bond yields rose in the Treasury market. The yield on the 10-year Treasury rose to 3.86% from 3.84% late Wednesday.

All told, the S&P 500 lost 0.22 points to 5,591.96. The Dow gained 243.63 points to 41,335.05. The Nasdaq fell 39.60 points to 17,516.43.

Markets in Europe were mostly higher and markets in Asia were mixed.

FILE - The New York Stock Exchange is shown on Aug. 27, 2024, in New York. (AP Photo/Peter Morgan, File)

A currency traders works near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 29, 2024. (AP Photo/Ahn Young-joon)

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 29, 2024. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 29, 2024. (AP Photo/Ahn Young-joon)

A person rides a bicycle past an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Aug. 29, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Aug. 29, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Aug. 29, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)

SAN FRANCISCO (AP) — Fernando Tatís Jr. hit a two-run homer, Dylan Cease struck out 10 in six shutout innings and the San Diego Padres beat the San Francisco Giants 5-0 on Friday night.

The Padres are a half-game ahead of the Diamondbacks atop the National League wild card standings and 1 1/2 games in front of the Mets for the third and final wild card spot. The Giants have lost three of four and were shut out in back-to-back games for the first time this season.

Luis Arráez had three hits and a walk on Friday, extending his streak to 129 consecutive at bats without a strikeout. It’s the longest since Juan Pierre went 147 at bats without a strikeout in 2004.

Cease (13-11) recorded his 1,000th career strikeout in the third inning when he got Donovan Walton looking. He held the Giants to four hits and two walks, and also got some help from defense in the sixth when Tatís and Jake Cronenworth combined to cut down Heliot Ramos at the plate on a double by Patrick Bailey. The 28-year-old got his first win since Aug. 17.

“It means a lot,” Cease said of getting to the 1,000 mark. “Longevity and execution and performance and all that good stuff, but just happy we won. I feel like I haven’t contributed in like a month. So it feels nice to contribute.”

Padres manager Mike Shildt said Cease was “electric.”

“I thought his stuff was really good,” Shildt said. “Around the zone, a lot of life, ball up, secondary was good. A lot of strikes out of the hand. Anytime there was a miss, it was a quick adjustment. I thought it was fantastic to get through six and keep them shut out.”

San Diego scored three times in the first inning off Logan Webb (12-10). Tatís homered to center field after Arráez led off the game with a single. Xander Bogaerts drove in Manny Machado with an RBI double later in the inning.

“He's just driving balls,” Shildt said of Tatís. “He looks like he’s in a good place ... That’s a good sign when he’s driving the ball to the middle of the field, using the gaps.”

Webb gave up a fourth run in the fourth when he threw wildly to first on a comebacker by Elias Díaz, allowing Jackson Merrill to score from second. He exited after the fourth after allowing seven hits, striking out four and walking one while throwing 83 pitches.

It was the first time in 22 games that Webb has not pitched at least five innings.

“They’re one of the better (batting) average teams in baseball, if not the best,” Webb said. “I’m a contact guy. My job is to try to limit damage and I didn’t do that."

Giants manager Bob Melvin said that Webb has been taxed this season. He leads all of baseball with 193.2 innings pitched.

“Just a tough first inning, throws the ball away,” Melvin said. “It was time to just give him a little bit of a break. (To) keep pushing him in a 4-0 game with the innings that he’s pitched, sometimes even a guy like him needs a break.”

TRAINER’S ROOM

Padres: IF Ha-Seong Kim (right shoulder inflammation), whose recovery has been shaky, was scheduled to throw on Friday but manager Mike Shildt said that Kim has “gone back a little bit in his throwing intensity.”

Giants: IF Tyler Fitzgerald (lower back tightness) has no structural damage in his lower back after undergoing an MRI. The shortstop is considered day-to-day after leaving Thursday’s game early, and manager Bob Melvin said he isn’t expected to go on the IL. … LHP Robbie Ray (left hamstring strain) is scheduled to throw a bullpen this weekend. … RHP Randy Rodriguez (right elbow inflammation) threw a bullpen on Thursday and is scheduled for another on Sunday.

UP NEXT

RHP Mason Black (0-3, 7.50 ERA) is scheduled to pitch for the Giants in the second game of the series, opposite RHP Joe Musgrove (5-5, 4.64 ERA) for the Padres.

AP MLB: https://apnews.com/hub/mlb

San Diego Padres catcher Elias Díaz, right, waits to tag out San Francisco Giants' Heliot Ramos at home during the sixth inning of a baseball game in San Francisco, Friday, Sept. 13, 2024. (AP Photo/Jeff Chiu)

San Diego Padres' Brandon Lockridge, from left, celebrates with Jackson Merrill and Fernando Tatis Jr. after the Padres defeated the San Francisco Giants in a baseball game in San Francisco, Friday, Sept. 13, 2024. (AP Photo/Jeff Chiu)

San Diego Padres pitcher Dylan Cease works against the San Francisco Giants during the first inning of a baseball game in San Francisco, Friday, Sept. 13, 2024. (AP Photo/Jeff Chiu)

San Diego Padres' Fernando Tatis Jr., right, celebrates after hitting a two-run home run that also scored Luis Arraez (4) during the first inning of a baseball game against the San Francisco Giants in San Francisco, Friday, Sept. 13, 2024. (AP Photo/Jeff Chiu)

San Diego Padres right fielder Fernando Tatis Jr., middle, celebrates with teammates during the sixth inning of a baseball game against the San Francisco Giants in San Francisco, Friday, Sept. 13, 2024. (AP Photo/Jeff Chiu)

San Diego Padres' Fernando Tatis Jr., right, hits a two-run home run in front of San Francisco Giants catcher Patrick Bailey during the first inning of a baseball game in San Francisco, Friday, Sept. 13, 2024. (AP Photo/Jeff Chiu)