GDP's worst quarter | Jobless claims rise | Dow, S&P slide

The Dow and S&P fell as investors digested a record decline in U.S. economic activity.

VIEW IN BROWSER | SUBSCRIBE THU, JUL 30, 2020 EVENING BRIEF AS OF THU, JUL 30, 2020 • 04:02 ET DJIA 26316.18 -0.84% -223.39 S&P 500 3246.41 -0.37% -12.03 NASDAQ 10587.81 +0.43% +44.87   Most Active DOW NAME LAST CHG %CHG INTC 47.99 -0.08 -0.17% AAPL 384.76 +4.60 +1.21% BA 161.95 -4.06 -2.45% S&P 500 NAME LAST CHG %CHG GE 6.26 -0.33 -5.01% AMD 78.20 +2.11 +2.77% BAC 24.84 -0.43 -1.70% NASDAQ NAME LAST CHG %CHG AMD 78.20 +2.11 +2.77% SIRI 5.87 -0.04 -0.68% QCOM 107.19 +14.16 +15.22% EDITOR'S NOTE It was the economy's worst quarter ever, but many will note that it was not quite as bad as expected - as if that's of some comfort.   The nation's gross domestic product fell 32.9% in the second quarter, according to the Commerce Department's first reading on the data released Thursday. Economists expected a 34.7% plunge.   "It's a very deep and dark hole," said Mark Zandi, chief economist at Moody's Analytics.  "We're coming out of it, but it's going to take a long time to get out."   The Dow Jones Industrial Average and the S&P 500 posted losses on Thursday, while the Nasdaq moved higher as investors digested the latest economic news.   CNBC's Jeff Cox writes that employment gains seen in May and June appear to be fading with the surge in coronavirus cases that came with reopening the economy. The Labor Department on Thursday reported an increase in initial jobless claims for the second straight week - totaling more than 1.4 million.   "The premature opening of the economy is beginning to rear its ugly head," said Joseph Brusuelas, chief economist at RSM. "Over the last six weeks, the economy has begun to move sideways and is beginning to look as if it is stalling out."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Nasdaq rises as Big Tech stocks gain ahead of earnings, Dow lower Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown U.S. weekly jobless claims rise for a second straight week, total 1.434 million The worst might be over for the economy, but the future's not so bright, either Former GOP presidential candidate Herman Cain dies after battle with coronavirus Track the latest coronavirus news here Coronavirus relief deal looks elusive in Congress as U.S. economy craters Trump suggests delaying election amid fraud claims, but has no power to do so Coastal flooding could hit nearly 20% of global GDP as climate change accelerates storms, sea level rise NASA launches Mars rover Perseverance, along with the first helicopter for another planet     TOP VIDEO Kellogg CEO discusses his outlook for Q4   CNBC PRO Market legend Art Cashin says the hype over tech stocks will end once economy adapts to a new normal   SPECIAL REPORTS Big Tech on Capitol Hill: Highlights from the CEOs' testimonies What MLB's Marlins outbreak could mean for the stock market and economy   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS