Major U.S. stock indexes fell Thursday, weighed down by a one-two punch of economic data that showed growth slowing and inflation persisting.The Dow Jones Industrial Average fell more than 370 points, or about 1 percent. The S&P 500 and tech-heavy Nasdaq both closed lower by about half-a-percent.Markets sold off all day after the morning's first-quarter GDP report came in well short of expectations, showing the U.S. economy grew by a paltry 1.6 percent.
Adding to the downward pressure, shares of Meta fell 10 percent, sparking a sell-off in other big tech stocks after the Facebook parent reported quarterly earnings Wednesday that spooked investors. Despite ad revenue growing by 27 percent, the company issued soft guidance for the current quarter as it plans to 'invest significantly more' in AI, CEO Mark Zuckerberg said on the earnings call.
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