The broader market fell on Thursday following two dismal economic reports. Investors were still digesting the Federal Open Market Committee decision to maintain a near-zero interest rate amid prolonged economic uncertainty, as the U.S. second quarter gross domestic product (GDP) contracted by the highest amount on recored and over one million new Americans filed for unemployment. Losses did not dip too far though, for shares of big tech stocks--Amazon (AMZN  ), Apple (AAPL  ), Facebook (FB  ) and Google (GOOGL  )--rose ahead of their quarterly earnings report.

The United States' GDP contracted by a slightly better than expected 32.9% on a quarter-over-quarter basis, the sharpest rate ever recorded. The quarterly GDP covered the month from April to June, or the beginning of coronavirus related shutdowns and increased unemployment. The U.S. Bureau of Economic Analysis stated: "The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the second quarter of 2020 because the impacts are generally embedded in source data and cannot be separately identified."

Meanwhile, the U.S. Labor Department's weekly jobless claims totaled 1.434 million for the week ended July 25. This is the nineteenth consecutive week the weekly total exceeded one million. Continuing employment claims for the week ended July 18 totaled 17.01 million, increasing from the previous week's 16 million. The unemployment increase reflects the resurgence in coronavirus infections throughout the U.S. and the reimplementation of some social restrictions.

For more of a side note, President Donald Trump introduced the idea of delaying the November 3 presidential election, tweeting: "...Delay the Election until people can properly, securely and safely vote???" The tweet effected some commodities' futures and added more market uncertainty on Thursday.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): -0.37% or -12.20 points to 3,246.24

Dow Jones Industrial Average (DIA  ): -0.85% or -225.92 points to 26,313.65

Nasdaq Composite Index (QQQ  ): +0.43% or +44.87 points to 10,587.81

For Major Stock News, big bank stocks--Bank of America (BAC  ), Citigroup (C  ), Goldman Sachs (GS  ), JPMorgan (JPM  ), Morgan Stanley (MS  )--slid following the Federal Reserve's decision to keep benchmark rates low. Energy stocks--ConocoPhillips (COP  ), Occidental Petroleum (OXY  ) and Valero (VLO  )--dragged down the energy sector as future demand fears creeped in. UPS (UPS  ) shares soared following better-than-expected quarterly earnings as well as high delivery volumes. Qualcomm (QCOM  ) shares also jump following the announcement of a settlement and licensing agreement with Huawei.

For Sector Performance, most industries ended the day with losses, with only Information Technology +0.53%, Communication Services +0.32% and Consumer Discretionary +.0.10% advancing and Consumer Staples ending flat. The sector performance losses were as follows: Energy -4.10%, Materials -1.96%, Financials -1.84%, Industrials -0.97%, Real Estate -0.83%, Health Care -0.77% and Utilities -0.02%.

For Commodities and Currency, crude oil futures slipped amid increased demand uncertainty. West Texas Intermediate (USO  ) dropped almost 3% to just over $40 per barrel, while Brent Crude (BNO  ) declined over 1% to about $43 per barrel. Gold (GLD  ) prices also dipped, but the underlying sentiment remained bullish as the yellow metal's price holds around a record peak. Spot gold fell 0.9% to $1,952.30 per ounce, while futures settled 0.6% lower to $1,942.30 per ounce. Finally, the U.S. Dollar (UUP  ) declined by 0.02% against other currencies.

For Friday, market participants will focus on data on personal income and consumer sentiment. Manufacturing bellwether Caterpillar (CAT  ) is also scheduled to report quarterly earnings.