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.
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