CNBC Daily Open: Main Street and Wall Street are still alive and kicking despite tariff uncertainties

The S&P 500 closed Thursday at a fresh high, buoyed by signs that both Main Street and Wall Street are still buzzing with life.

Revised data showed U.S. gross domestic product grew at an annualized 3.3% in the quarter ending June, surpassing the consensus forecast of 3.1% by Dow Jones, as well as the Commerce Department’s initial estimate of 3%.

A key measure called “final sales to private domestic purchasers” jumped to 1.9% from the previous figure of 1.2%, noted CNBC’s Jeff Cox. According to the Bureau of Economic Analysis, the figure tracks “the sum of personal consumption expenditures and gross private fixed investment,” or, in short, the economic health of consumers and corporations. By this criterion, both seem to be chugging along healthily even amid tariff uncertainty.

Shares of Nvidia, meanwhile, dipped 0.3%, despite reporting earnings that topped expectations. Investors appear to have wanted more, although the company’s forecast of upbeat sales growth points to continued strength — suggesting the artificial intelligence boom will persist, which propped up stocks of other chipmakers such as Broadcom and Micron Technology.

Still, Nvidia’s dependence on a handful of large customers — two of which made up a whopping 39% of its second-quarter revenue — has raised concerns about concentration risks.

September has historically been the weakest month for the S&P 500, based on data from the Stock Trader’s Almanac. But with such fundamentals in place — and a likely rate cut by the U.S. Federal Reserve in the upcoming month — this year could be atypical for stocks.

U.S. second-quarter GDP rose more than expected. On an annualized basis,the economy expanded 3.3%, according to the Commerce Department’s second estimate — higher than the 3.0% initial estimate and the 3.1% Dow Jones consensus forecast.

Two customers made up 39% of Nvidia’s second-quarter revenue. That’s according to Nvidia’s financial filing on Wednesday. They could either be cloud providers or manufacturers — but little else is known about the identity of those customers.

South Korea reportedly indicts its former prime minister. Han Duck-soo on Friday was accused of abetting ousted president Yoon Suk Yeol’s imposition of martial law in December. Meanwhile, ex-first lady Kim Keon Hee, wife of Yoon, faces charges of corruption and bribery.

Another high for the S&P 500. The broad-based index added 0.32% Thursday and closed above the 6,500 level for the first time. Asia-Pacific markets were mixed Friday. Japanese stocks slipped amid core consumer prices in Tokyo rising more slowly in August.

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