The main U.S. indexes opened flat on Thursday as investors drew comfort from stronger-than-expected economic growth data, a day after megacap stocks steered a Wall Street slide.
The Dow Jones Industrial Average fell 25.24 points, or 0.06%, at the open to 39,828.63. The S&P 500 opened higher by 1.57 points, or 0.03%, at 5,428.70, while the Nasdaq Composite gained 10.23 points, or 0.06%, to 17,352.64 at the opening bell.
The U.S. economy grew faster than expected in the second quarter, but inflation subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve.
Gross domestic product increased at a 2.8% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of second-quarter GDP Thursday. Economists polled by Reuters had forecast GDP rising at a 2.0% rate. Estimates ranged from a 1.1% rate to a 3.4% pace. The economy grew at a 1.4% rate in the first quarter.