S&P 500 Breaks New Records But Nvidia Misses The Party: What's Moving Markets Thursday?

Author: Piero Cingari | August 28, 2025 12:34pm

The S&P 500 extended its spectacular rally to fresh record highs on Thursday, even as its most influential stock, Nvidia Corp. (NASDAQ:NVDA), failed to impress with its latest quarterly results.

Large-cap benchmarks remain on track for a third straight day of gains, with both the S&P 500 and the Dow Jones Industrial Average hitting record territory. The tech-heavy Nasdaq 100, however, is still trailing about 1.5% below the all-time peak set last month.

Despite Nvidia's 1% drop, the broader tech sector held firm, signaling underlying market strength now powered by a wider range of companies.

On the economic front, U.S. GDP growth for the second quarter was revised higher to 3.3% from an earlier 3.1% estimate, rebounding sharply from a 0.5% contraction in the first quarter.

Meanwhile, a legal battle officially began between Federal Reserve Governor Lisa Cook and President Donald Trump, potentially changing what the agency has long maintained — political independence.

Trump's attempt to dismiss Cook earlier this week over mortgage fraud allegations was met with a rejection and a lawsuit. Cook will now attend a hearing about the lawsuit for 10 a.m. E.T. Friday in Washington, D.C.

The U.S. dollar slipped 0.3%, boosting interest-rate-sensitive metals. Gold climbed 0.5% to $3,415 an ounce, its highest in five weeks, while silver jumped more than 1% to above $39.

Cryptocurrencies also advanced, with Bitcoin (CRYPTO: BTC) up 1.5% to $112,900 and Ethereum (CRYPTO: ETH) edging 0.3% higher to $4,520.

Thursday’s Performance In Major US Indices, ETFs

Major Indices	Price	1-day %chg
• Nasdaq 100	23,711.47	+0.6%
• S&P 500	6,496.21	+0.2%
• Russell 2000	2,377.95	+0.2%
• Dow Jones	45,624.90	+0.1%

According to Benzinga Pro data:

• The Vanguard S&P 500 ETF (NYSE:VOO) inched 0.2% higher to $595.81.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.1% up to $456.40.
• The tech-heavy Invesco QQQ Trust Series (NASDAQ:QQQ) rose 0.6% to $576.66.
• The iShares Russell 2000 ETF (NYSE:IWM) edged 0.1% up to $236.26.
• The Technology Select Sector SPDR Fund (NYSE:XLK) outperformed, up 0.3%; the Real Estate Select Sector SPDR Fund (NYSE:XLRE) lagged, down 0.5%.

Stocks On The Move Thursday

Other than Nvidia, stocks reacting to earnings reports included:

• Snowflake Inc. (NASDAQ:SNOW), up 17%,
• Crowdstrike Holdings Inc. (NASDAQ:CRWD), up 2.5%,
• Dollar General Corp. (NYSE:DG), up 1.1%,
• Burlington Stores, Inc. (NYSE:BURL), up 7.54%
• Ambarella, Inc. (NASDAQ:AMBA), up 0.54%
• DICK’S Sporting Goods, Inc. (NYSE:DKS), down 3.18%
• Best Buy Co., Inc. (NYSE:BBY), down 4.78%
• Hormel Foods Corporation (NYSE:HRL), down 12.66%
• Brown-Forman Corporation (NYSE:BF), down 5.41%
• Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI), down 1.66%
• Bath & Body Works, Inc. (NYSE:BBWI), down 8.46%

Stocks slated to report earnings after the close include Dell Technologies Inc. (NYSE:DELL), Marvell Technology Inc. (NASDAQ:MRVL), Autodesk Inc. (NASDAQ:ADSK), Affirm Holdings Inc. (NASDAQ:AFRM), and Ulta Beauty Inc. (NASDAQ:ULTA).

Now Read:

• China Just Found Its Nvidia Replacement—And This Stock Has Exploded 125%
  

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