04/26/2024

Wall Street Stocks Fall

Weak GDP growth spreads rate-cut gloom

Wall Street stocks closed lower on Thursday as markets were stunned by data showing slower-than-expected U.S. economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms.

Data on Thursday showed that the U.S. economy grew at its slowest pace in nearly two years in the first quarter while inflation accelerated, dampening hopes that the Federal Reserve would begin cutting interest rates this year.

Disappointing results from Meta, whose shares plunged nearly 11 percent, also weighed on market sentiment. Three other Magnificent Seven stocks, including Alphabet, Amazon.com and Microsoft finished lower.

Please select this link to read the complete article from Reuters.