Wall Street rallied robustly on Thursday, with traders embracing a risk-on approach after government data revealed the U.S.economy grew by 3% in the second quarter, outpacing earlier estimates of 2.8%, driven by strong upward revisions in household consumption.
Other semiconductor stocks decoupled from Nvidia and showed strong gains, with the broader iShares Semiconductor ETF (NYSE:SOXX) up over 2%.Small caps rallied 1.4%, positively reacting to the upwardly revised GDP data.
The upbeat market sentiment prevailed even as NVIDIA Corp.(NASDAQ:NVDA), the year’s top-performing S&P 500 stock, slipped over 3% following its earnings report, with revenue projections for the current quarter failing to impress the heightened expectations.
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