US stocks closed lower Thursday after the latest GDP report showed that US economic growth slowed to 1.6% in the first quarter of the year, a much weaker pace than expected.
Options traders are gradually boosting their expectations for a 2024 rate hike from the Federal Reserve after Thursday's hot quarterly core inflation data. The possibility of a Fed rate hike by December is now seen at 22%,
Stocks started Thursday with heavy bleeding. The Dow Jones Industrial Average plunged more than 650 points after quarterly earnings reports from tech giants such as Facebook parent Meta and IBM disappointed investors.
US stocks sank Thursday morning after the latest GDP report showed that US economic growth slowed to 1.6% in the first quarter of the year, a much weaker pace than expected.
Meta shares are pacing S&P 500 laggards on Thursday, down about 15% and on track for their worst single-day percentage drop since they lost almost 25% on Oct. 27, 2022, according to Dow Jones Market Data.
Wall Street stocks closed lower on Thursday as markets were stunned by data showing slower-than-expected US economic growth and persistent inflation, coupled with a sell-off in large cap stocks triggered by disappointing results from Meta Platforms.
US stocks sank Thursday morning after the latest GDP report showed that US economic growth slowed to 1.6% in the first quarter of the year, a much weaker pace than expected. The Dow fell by 650 points,