04:38 PM EDT, 08/28/2025 (MT Newswires) -- US equity indexes rose Thursday, with the S&P 500 notching a fresh record amid gains in the communication services and technology sectors.

The S&P 500 advanced 0.3% to 6,501.86, after touching a new intraday high of 6,508.23. The Nasdaq Composite traded 0.5% higher at about 21,705.16, and the Dow Jones Industrial Average climbed 0.2% to 45,636.90. Energy was also among the top gainers, and the utilities sector led the decliners.

Index heavyweights Alphabet (GOOG, GOOGL), Amazon.com ( AMZN ) , Apple ( AAPL ) , and Microsoft ( MSFT ) were among the top 15 gainers in a category of companies with a market capitalization of more than $200 billion. Amazon ( AMZN ) and Apple ( AAPL ) were among the Dow's top gainers.

Economic growth, as measured by gross domestic product, was revised upward to 3.3% in Q2 from a 3.0% gain in the advance estimate, above a 3.1% increase expected in a survey compiled by Bloomberg. GDP fell by 0.5% in Q1.

Initial jobless claims fell to 229,000 in the week ended Aug. 23 from a downwardly revised 234,000 in the previous week, compared with expectations for a decrease to 230,000 in a survey of analysts compiled by Bloomberg. The four-week moving average rose by 2,500 to 228,500 compared with a downwardly revised 226,000 in the previous week.

Treasury yields were mixed, with the 10-year yield down 3.5 basis points to 4.2% while the two-year rate rose one basis point to 3.63%.

In company news, Hormel Foods ( HRL ) lowered its full-year earnings outlook on Thursday as the food maker's fiscal Q3 bottom line unexpectedly declined year over year amid rising commodity input costs. Hormel shares slumped 13%, the steepest decline on the S&P 500.

The second-worst performer in the index was Cooper (COO), down almost 13% after the company lowered its fiscal 2025 revenue guidance late Wednesday.

Nvidia ( NVDA ) also reported Q2 results after Wednesday's close. While overall revenue rose year-over-year, Nvidia's ( NVDA ) data center compute products, such as its graphics processing units, declined 1% sequentially, driven by a $4 billion decrease in H20 chip sales, Chief Financial Officer Colette Kress said in a statement. For the current quarter, Nvidia ( NVDA ) projected $54 billion in revenue, plus or minus 2%, but its forecast assumes no H20 shipments to China.

Liz Claman of Fox Business wrote Thursday in a post on X that Nvidia ( NVDA ) Chief Executive Officer Jensen Huang said that he is in talks with the Trump administration about selling Blackwell artificial intelligence chips to China and his willingness to give the US government a cut of those sales, citing an interview with the CEO.

In economic news, pending home sales fell by 0.4% in July, compared with the 0.2% decrease expected in a survey compiled by Bloomberg and following a larger 0.8% decrease in June, according to the National Association of Realtors. The monthly sales index was up 0.7% from July 2024.

"Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant," NAR Chief Economist Lawrence Yun said. Yun expects more potential home buyers in the near future as the Federal Reserve signals further interest rate cuts.

Federal Reserve Governor Lisa Cook filed a lawsuit Thursday in federal court contesting President Donald Trump's attempt to oust her from the board of governors over allegations she lied on mortgage applications, Bloomberg reported, citing court records.

The ICE US Dollar Index slid 0.4% to 97.88.

Silver futures jumped 1.4% to $39.24, while gold futures climbed 0.8% to $3,476.7.

West Texas Intermediate crude oil futures rose 0.3% to $64.35 a barrel, clawing back declines from earlier in the session.