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Stock market today: Dow extends slide as Salesforce plunges, rate jitters rattle tech

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Salesforce,Nasdaq Composite,Stock Market

Lingering concerns about higher-for-longer interest rates and a Salesforce sell-off put a damper on investors' spirits.

US stocks endured more losses on Thursday as lingering concerns about higher-for-longer interest rates and a Salesforce sell-off dampened investors' spirits. The Dow Jones Industrial Average sank nearly 0.9%, or more than 350 points, after shedding over 400 to lead Wednesday's stock market slide. The S&P 500 fell 0.6%, while the tech-heavy Nasdaq Composite dropped about 1%.

The software maker's shares slid nearly 20% after it said sales growth would stall to the slowest in its history, its most significant decline since 2004. Meanwhile, new government data showed that the US economy grew at a slower pace than initially thought during the first quarter. The Bureau of Economic Analysis's second estimate of first quarter US gross domestic product showed the economy grew at an annualized pace of 1.3% during the period, down from a first reading of 1.

 

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