S&P 500 Hits Record High Amid Economic Resilience and Nvidia Earnings

US stocks surged broadly on Thursday, with the S&P 500 crossing the 6,500 threshold for the first time as it notched a second consecutive record close. The Nasdaq Composite led gains, rising 0.5%, while the Dow Jones Industrial Average edged up 0.2% to set its own all-time high.

A surprise upward revision to Q2 GDP growth—now estimated at 3.3%—signaled economic resilience, fueled by rebounding consumer spending and a post-tariff slowdown in imports. Layoffs remained subdued as jobless claims declined.

Investors shrugged off initial uncertainty around Nvidia's earnings report, shifting focus to Friday's critical PCE inflation data—the Fed's preferred price gauge.

Tensions between Federal Reserve Governor Lisa Cook and President TRUMP escalated as Cook filed a lawsuit challenging her attempted dismissal, testing central bank independence.