02:19 PM EDT, 08/29/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets evaluated the latest economic data and corporate results, including those from Nvidia ( NVDA ) .

The Dow Jones Industrial Average was up 1.1% at 41,521.8 after midday Thursday, while the Nasdaq Composite rose 1% to 17,726. The S&P 500 advanced 0.8% to 5,635.5. Among sectors, industrials and energy led the gainers, while consumer staples and real estate were in the red.

In economic news, US real gross domestic product grew at a 3% annualized rate in the second quarter, up from the previously projected 2.8% pace, according to a second estimate by the Bureau of Economic Analysis. The consensus on Bloomberg was for a 2.8% print.

"We appear to be in a goldilocks scenario where growth is likely to gradually edge lower through the second half of the year, allowing inflation to drift closer to the (Federal Reserve's) 2% target," TD said in a note to clients. This should pave the way for the Federal Open Market Committee to lower its benchmark lending rate by at least 75 basis points by the end of the year, according to the note.

Weekly applications for unemployment insurance in the US decreased, government data showed, with Oxford Economics suggesting that layoffs remain low.

"The Fed has committed to a rate cut in September to guard against labor market weakness, but there is nothing in the claims data to warrant more than a (25-basis-point) cut," the brokerage wrote.

The US two-year yield rose 3.1 basis points to 3.9% intraday, while the 10-year rate added 2.8 basis points to 3.87%.

In company news, Nvidia's ( NVDA ) fiscal second-quarter results surpassed Wall Street estimates late Wednesday as demand for generative artificial intelligence helped drive record revenue.

The company's shares were down 3.9% intraday Thursday. The stock traded down in immediate Wednesday post-market trading, aided by "somewhat frothy expectations around where guidance would land," among other factors, UBS Securities said in a Thursday note to clients.

Best Buy ( BBY ) shares jumped 15%, the top gainer on the S&P 500, as the electronics retailer lifted its full-year earnings outlook following better-than-expected fiscal second-quarter results. The company saw gains in its domestic tablet and computing categories.

Cooper (COO) was the second-best performer on the S&P 500, up 12%, after the company late Wednesday logged better-than-expected fiscal third-quarter results.

Dollar General ( DG ) shares tanked nearly 30%, the worst performer on the S&P 500, after the discount retailer lowered its full-year outlook amid softening sales trends. The company's fiscal second-quarter results missed the Street's estimates.

Dell Technologies ( DELL ) , Marvell Technology ( MRVL ) , Autodesk ( ADSK ) , Lululemon Athletica ( LULU ) , Ulta Beauty ( ULTA ) and MongoDB ( MDB ) are among the companies scheduled to post results after Thursday's closing bell.

West Texas Intermediate crude oil rose 1.8% to $75.96 a barrel intraday.

Gold was up 0.9% at $2,561 per troy ounce, while silver increased 1.3% to $29.57 per ounce.