Wall Street stocks fall as weak GDP growth spreads rate-cut gloom

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Disappointing results from Meta, whose shares plunged nearly 11 per cent, also weighed on market sentiment. Three other Magnificent Seven stocks, including Alphabet, Amazon.com and Microsoft, finished lower. The Dow Jones Industrial Average fell 375.12 points, or 0.98 per cent, to 38,085.80, the S&P 500 lost 23.21 points, or 0.46 per cent, to 5,048.42 and the Nasdaq Composite lost 100.99 points, or 0.64 per cent, to 15,611.76.Money markets are pricing in just about 36 basis points of rate cuts from the Fed this year, down from about 150 bps seen at the start of the year, according to LSEG data.

International Business Machines fell 8 per cent after it announced a US$6.4 billion deal to buy HashiCorp alongside its first-quarter results, in which revenue missed estimates. Rising gold prices helped Newmont, the world’s largest bullion miner, to report first quarter profit that beat estimates. Its shares gained 12 per cent.

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