Dow, S&P 500 to Snap Weekly Win Streaks Despite Records

Market Performance - The S&P 500 Index and Dow Jones Industrial Average achieved record closes following better-than-expected GDP data for Q2 [1] - Despite a strong performance from NVDA, which highlighted impressive AI growth, stocks faced profit-taking, leading to weekly losses for all three major indexes [1] - The personal consumption expenditures (PCE) price index for July met estimates, but this did not prevent the market decline [1] Economic Indicators - A decline in durable goods orders for July raised concerns among investors, although these concerns were quickly set aside [2] Technology Sector - NVDA earnings were a focal point, but other tech companies also drew attention, including a U.S. government stake in Intel (INTC) [3] - Optimism was noted ahead of Okta's (OKTA) earnings report, while CrowdStrike (CRWD) prepared to release its results [3] - Advanced Micro Devices (AMD) received a "buy" upgrade due to AI prospects, contrasting with Dell Technologies (DELL), which issued a downbeat forecast despite a top- and bottom-line win [3] Retail Sector - Tariff concerns impacted the retail sector, with American Eagle Outfitters (AEO) struggling after a downgrade [4] - Abercrombie & Fitch (ANF) and Kohl's (KSS) saw stock rallies following their quarterly reports, while Dollar General (DG) and Five Below (FIVE) experienced opposite post-earnings movements [4] - Best Buy (BBY) reported better-than-expected Q2 results, while Gap (GAP) exceeded profit estimates but fell short on revenue [4] - Signet Jewelers (SIG) shares surged following the engagement of Travis Kelce and Taylor Swift, with the ring valued between $675,000 and $1 million [4] Upcoming Events - A holiday-shortened week will feature significant jobs, manufacturing, and services data, with markets closed on Monday for Labor Day [5] - Earnings reports from various companies, including American Eagle (AEO), Asana (ASAN), and Campbell Soup (CPB), are expected to keep Wall Street active [5]