CNBC Daily Open: Strong fundamentals in Main Street and Wall Street

The S&P 500 closed Thursday at a fresh high, buoyed by signs that both Main Street and Wall Street are still buzzing with life.

Revised data showed U.S. gross domestic product grew at an annualized 3.3% in the quarter ending June, surpassing the consensus forecast of 3.1% by Dow Jones, as well as the Commerce Department's initial estimate of 3%.

A key measure called "final sales to private domestic purchasers" jumped to 1.9% from the previous figure of 1.2%, noted CNBC's Jeff Cox. According to the Bureau of Economic Analysis, the figure tracks "the sum of personal consumption expenditures and gross private fixed investment," or, in short, the economic health of consumers and corporations. By this criterion, both seem to be chugging along healthily even amid tariff uncertainty.

Shares of Nvidia, meanwhile, dipped 0.3%, despite reporting earnings that topped expectations. Investors appear to have wanted more, although the company's forecast of upbeat sales growth points to continued strength — suggesting the artificial intelligence boom will persist, which propped up stocks of other chipmakers such as Broadcom and Micron Technology.

Still, Nvidia's dependence on a handful of large customers — two of which made up a whopping 39% of its second-quarter revenue — has raised concerns about concentration risks.

September has historically been the weakest month for the S&P 500, based on data from the Stock Trader's Almanac. But with such fundamentals in place — and a likely rate cut by the U.S. Federal Reserve in the upcoming month — this year could be atypical for stocks.

U.S. second-quarter GDP rose more than expected. On an annualized basis, the economy expanded 3.3%, according to the Commerce Department's second estimate — higher than the 3.0% initial estimate and the 3.1% Dow Jones consensus forecast.

Two customers made up 39% of Nvidia's second-quarter revenue. That's according to Nvidia's financial filing on Wednesday. They could either be cloud providers or manufacturers — but little else is known about the identity of those customers.

Tesla's July sales in Europe plunged. There were 8,837 new registrations of Tesla vehicles last month, down 40% year on year, according to the European Automobile Manufacturers Association. BYD, meanwhile, saw a 225% annual surge.

Another high for the S&P 500. The broad-based index added 0.32% Thursday and closed above the 6,500 level for the first time. The pan-European Stoxx 600 slipped 0.2% despite opening higher in early trade.

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India's three-way balancing act: Tariffs, oil, and uneasy handshakes

India's juggling act on the world stage has never looked more complicated, or more consequential. Washington is piling on tariffs, Moscow is supplying New Delhi with cheap oil, and Beijing is preparing to welcome Prime Minister Narendra Modi with open arms at the SCO summit in China this week.

Step back, and India's position looks clearer. The U.S. is its biggest customer but also its harshest critic. Russia keeps the lights on, but at a political cost. China is the rival next door, yet too big to ignore.

— Spriha Srivastava