NEW YORK — 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. The S&P 500 fell 1.3% early Thursday. The Dow Jones Industrial Average lost 503 points, and the Nasdaq composite fell 2.1%.
Two others of the “Magnificant Seven” stocks — Google parent Alphabet and Microsoft — report their most recent quarterly results after the bell Thursday. Those companies drove most of the U.S. stock market’s gain last year, and they’ll need to perform to justify their high prices. Fed officials will get more data on the U.S. economy Thursday when the government releases its initial estimate of the country's gross domestic product in the first quarter of 2024. Analysts expect that GDP — the economy’s total output of goods and services — grew at a slow but still-decent 2.2% annual pace from January through March.
“For the record, heading into tomorrow’s policy decision, exceptional Japanese yen weakness is the agitated elephant in the room for the BOJ,” Tan Jing Yi of Mizuho Bank said in a commentary. Speculation has been growing Japan may intervene to prop up the yen. But opinion is divided if and when that might happen.
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