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

NEW YORK — 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. A sharp drop for Meta Platforms, one of Wall Street’s most influential stocks, also dragged the market lower. The S&P 500 fell 0.5% Thursday after paring an earlier drop of 1.6%. The Dow Jones Industrial Average lost 1%, and the Nasdaq composite gave back 0.6%.

Expectations had built high for Meta, along with the other “Magnificent Seven” stocks that drove most of the stock market’s returns last year. They need to hit a high bar to justify their high stock prices. But Thursday’s report said the U.S. economy’s growth slowed to a 1.6% annual rate during the first three months of this year from 3.4% at the end of 2023.

“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.” The yield on the 10-year Treasury rose to 4.70% from 4.66% just before the report and from 4.65% late Wednesday. Textron tumbled 8.9% after the maker of Bell helicopters and Cessna jets reported weaker profit and revenue than forecast. Caterpillar sank 6.3% despite reporting stronger profit than expected. Its revenue for the latest quarter fell short of analysts' expectations.

Canada Canada Latest News, Canada Canada Headlines

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

Stock market today: Wall Street falls sharply to close out its worst week since OctoberNEW YORK (AP) — U.S. stocks fell sharply following a mixed start to earnings reporting season. The S&P 500 sank 1.5% Friday. The Dow dropped 1.2%, and the Nasdaq composite fell 1.6% from its record.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street stumbles after report shows US growth slowed in the first quarterNEW YORK (AP) — Stocks are tumbling after a report suggesting flagging economic growth and still-high inflation hurt hopes that have kept Wall Street high recently. A sharp drop for Facebook parent Meta Platforms also dragged the market lower.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Tesla cruises higher as most of Wall Street drifts in mixed tradingNEW YORK (AP) — U.S. stocks drifted to a mixed finish. The S&P 500 closed little changed Wednesday after a two-day winning streak erased nearly two-thirds of last week’s steep loss. The Dow Jones Industrial Average fell 0.
Source: SooToday - 🏆 8. / 85 Read more »