US benchmark equity indexes experienced an uptrend ahead of Thursday's close, as traders meticulously evaluated the latest macroeconomic data. The Dow Jones Industrial Average made a notable ascent, increasing by 0.5% to reach 42,139.5. Meanwhile, the Nasdaq Composite enjoyed a 0.6% climb, closing at 18,181.1, and the S&P 500 also advanced by 0.4%, finishing at 5,743.2.
Within the sector performance, materials stood out as the leading gainers, contrasting sharply with the energy sector, which faced the steepest declines. In terms of economic growth, the US economy expanded at an annualized rate of 3% during the second quarter. This figure remained consistent with prior projections based on a third estimate provided by the Bureau of Economic Analysis.
Analysts had anticipated a slightly lower growth rate of 2.9%, according to a consensus compiled by Bloomberg. In other economic indicators, US durable goods orders displayed unexpected resilience in August, maintaining steady levels. This occurred despite shipments recording their first decline in three months, as indicated by data from the Census Bureau. Further contributing to the positive economic climate, pending home sales in the US saw a 0.6% increase last month, as reported by the National Association of Realtors.
Concurrently, weekly applications for unemployment insurance in the US experienced a decline, a sentiment echoed in recent government data. In the bond market, the US two-year yield increased by seven basis points, climbing to 3.62%. Likewise, the 10-year rate saw a modest rise, gaining 1.3 basis points to reach 3.79%. Looking ahead, major financial reports are on the horizon, with companies such as Costco Wholesale, Vail Resorts, and BlackBerry set to disclose their latest quarterly results after the closing bell. In commodity markets, West Texas Intermediate crude oil encountered a notable slump, declining by 3.3% to $67.41 a barrel, signaling potential volatility in the sector as traders eye ongoing geopolitical and economic developments..