Market wrap for July 31st

End of the Day: S&P 500 down 0.2 to 1,685.73; Dow Jones down 21.1 to 15,499.54; Nasdaq up 9.9 to 3,626.37

* U.S. GDP for the second quarter rose 1.7%, which easily surpassed the consensus of a 1% increase. Meanwhile, first quarter GDP was revised down to 1.1% versus a prior reading of 1.8%.

* The U.S. House passed legislation today which would lower interest rates on federally-backed student loans. The measure -- the Bipartisan Student Loan Certainty Act, H.R. 1911 -- passed with a 392 - 31 vote. The legislation calls for student loans to follow the 10-year note plus 2.05 percent, with an overall cap at 8.25 percent.

* The Fed said economic growth will pick up from recent pace with proper accommodative measures and inflation "persistently" below 2 percent goal could pose a risk. The Fed anticipates inflation back to 2 percent target in medium term, according to FOMC minutes released today. For more color, click here.

* Whole Foods Market, Inc. (Nasdaq: WFM) reported Q3 EPS of $0.38, $0.01 better than the analyst estimate of $0.37. Revenue for the quarter came in at $3.1 billion versus the consensus estimate of $3.09 billion.

* ADP reported today that private-sector employment increased by 200,000 jobs from June to July, which was better than the consensus of 180,000 job additions expected by economists. Also, June's job gain was revised upward from 188,000 to 198,000.

* MasterCard, Inc. (NYSE: MA) posted Q1 EPS of $6.96, $0.67 better than the analyst estimate of $6.29. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2 billion. In the same period last year, revs were $1.8 billion with EPS of $5.65.

Results could offset pressure coming in from news that the Fed might revisit its swipe-card fee regulation. The headlines sent both MasterCard and Visa (NYSE: V), along with other debit- and credit-card issuers, lower on the session. For more color, click here.

*Air Products & Chemicals, Inc. (NYSE: APD) ended the session about two points higher following earlier news that hedge fund giant Bill Ackman took a large stake in the company. News was disclosed late Tuesday night that Ackman had a 9.8 percent position, valued at around $2.2 billion. Speculation heated up last week when Ackman's Pershing Square sent out its quarterly note.