Stock market today: Wall Street stumbles after report shows US growth slowed in the first quarter

  • 📰 SooToday
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 85%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

NEW 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.

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.

 

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

 /  🏆 8. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia 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 drifts following its 3-day losing streakNEW YORK (AP) — U.S. stocks are drifting on Wednesday as a lull on Wall Street extends. The S&P 500 was up 0.3% in afternoon trading. It’s on track for its...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street holds steady as market heads toward another winning monthNEW YORK (AP) — Stocks are holding relatively steady as Wall Street coasts into the close of its latest winning month and quarter. The S&P 500 was little changed early Thursday after setting an all-time high the day before.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Wall Street hangs near record highs at the start of a busy weekNEW YORK (AP) — Stocks are hanging near their records at the start of a week with several influential economic reports, including the government’s monthly jobs market survey on Friday. The S&P 500 was up 0.
Source: SooToday - 🏆 8. / 85 Read more »

GE stock split, Wall Street searches for gains: Yahoo Finance LiveGeneral Electric (GE) is finalizing its split into three separate public companies today. The energy business, GE Vernova (GEV), begins trading on the NYSE...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street holds steadier following its worst day in weeksNEW YORK (AP) — U.S. stock indexes are holding steadier Wednesday following their worst day in weeks. The S&P 500 was 0.2% higher in morning trading and...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »