Stock Market Today: S&P 500 cuts some losses but ends lower on Meta-led tech slump

Investing.com-- The S&P 500 closed lower, but well off session lows Thursday as Meta cut come losses, though rising Treasury yields on economic data showing slowing growth, but sticky inflation, forced traders to push out bets on a first rate cut to December.grew by just 1.6% in the first quarter, on an annualised basis, much slower than expected, while a core underlying measure of inflation surprised to upside in Q1, rising 3.7%, pushing out rate-cut bets.

The make up of the data wasn't as soft, as inventories and foreign trade had a 1.1% drag on GDP in Q1, and "domestic demand growth proceeded at a strong pace of +2.8% annualized," Goldman Sachs said in note.) stock slid 10.6% to a near three-month low, after the Facebook parent forecast weaker-than-expected revenue for the second quarter due to higher spending on artificial intelligence. The stock had fallen as much as 16% intraday.

The guidance largely offset stronger-than-expected first-quarter earnings, and set a dour tone for upcoming earnings from the company’s major technology peers - specifically Microsoft stock fell 7% after the heavy machinery manufacturer reported a mixed first quarter of 2024, with earnings surpassing analysts' expectations but revenue falling short.

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