Stock market today: Wall Street falls on double dose of disappointing economic data, as Meta sinks

  • 📰 latimes
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 82%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

Stocks closed lower on worries about a potentially toxic cocktail for financial markets, one where inflation remains stubbornly high but the economy’s growth flags

Worries about a potentially toxic cocktail combining stubbornly high inflation with a flagging economy dragged U.S. stocks lower on Thursday. A sharp drop for Facebook’s parent company, one of Wall Street’s most influential stocks, also hurt the market. The Standard & Poor's 500 fell 0.5% and sliced some of the gain off what had been a big winning week. It looked to be heading for a much worse loss in the morning, when it tumbled as much as 1.6%.

But the lower-than-expected growth and higher-than-expected inflation are “a bit of a slap in the face to those hoping for a ‘no landing’ scenario,” said Brian Jacobsen, chief economist at Annex Wealth Management. “Things can change a lot from one quarter to the next, so it’s too early to say the Fed has failed, but this doesn’t help their cause.” Underneath the surface, the economic report may not have been as bad as initially thought.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in AU
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Tesla cruises higher as most of Wall Street drifts in mixed tradingU.S. stocks drifted to a mixed finish Wednesday as Wall Street’s momentum eased following some sharp swerves.
Source: latimes - 🏆 11. / 82 Read more »

Stock market today: Wall Street rallies again to erase more of April’s lossesU.S. stocks rallied for a second straight day Tuesday to blunt the blow of what’s been a rough April. The S&P 500 made back ground after a losing streak.
Source: latimes - 🏆 11. / 82 Read more »