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.

The upbeat market sentiment prevailed even as NVIDIA Corp. 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.

Other semiconductor stocks decoupled from Nvidia and showed strong gains, with the broader iShares Semiconductor ETF SOXX up over 2%.

Small caps rallied 1.4%, positively reacting to the upwardly revised GDP data. The Dow Jones Industrial Average rose 1.1%. achieving fresh record highs to over 41,500 points.

Commodities gained strength, with natural gas rallying 2%, oil prices climbing 1.6%, gold advancing 0.8%, and silver rising 1.3%.

Bitcoin BTC/USD rose 2.5%, on track to snap three straight session of losses.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

The SPDR S&P 500 ETF Trust SPY was 0.9% higher to $563.17.

The SPDR Dow Jones Industrial Average DIA rose 1.1% to $416.02.

The tech-heavy Invesco QQQ Trust Series QQQ was up 1.2% to $477.23.

The iShares Russell 2000 ETF IWM rose 1.4% to $220.24.

The Industrials Select Sector SPDR Fund XLI outperformed, up by 1.5%. The Real Estate Select Sector SPDR Fund XLRE lagged, down by 0.4%.

Thursday’s Stock Movers

Chipmaker stocks rallying the most on Thursday despite Nvidia’s dip were Arm Holdings ARM up 5.6%, Intel Corp. INTC up 4.7% and ON Semiconductor Corp. ON up 4.3%.

Other stocks moving on earnings are American Eagle Outfitters, Inc. AEO down 3.3%, Affirm Holdings, Inc. AFRM up 33%, Best Buy Co., Inc. BBY up 15%, Burlington Stores, Inc. BURL up 0.7%, Campbell Soup Company CPB down 1.5%, Cooper Companies, Inc. COO up over 11%, CrowdStrike Holdings, Inc. CRWD up 5%, Dollar General Corp DG down 30%, Five Below, Inc. FIVE down 1%, HP Inc. HPQ up 4%, Nutanix, Inc. NTNX up 19%, NetApp, Inc. NTAP down 8%, Okta, Inc. OKTA down 16%, Pure Storage, Inc. PSTG down 15%, Salesforce, Inc. CRM up 0.5% and Victoria’s Secret & Co. VSCO down 1.3%.

Those reporting after the close include Autodesk, Inc. ADSK, Dell Technologies Inc. DELL, Gap, Inc. GAP, Lululemon Athletica Inc. LULU, Marvell Technology, Inc. MRVL, MongoDB, Inc. MDB and Ulta Beauty Inc. ULTA.

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