Stocks closed lower on worries about a potentially toxic cocktail for financial markets, one where inflation remains stubbornly high but the economy’s growth flags.
A sharp drop for Meta Platforms, one of Wall Street’s most influential stocks, also dragged the market lower. The S&P 500 fell 0.5% Thursday after paring an earlier drop of 1.6%. The Dow Jones Industrial Average lost 1%, and the Nasdaq composite gave back 0.6%.
Treasury yields climbed after the government reported that inflation remained hotter than forecast during the first three months of the year. The economy’s growth also slowed more than expected.
On Thursday:
The S&P 500 fell 23.21 points, or 0.5%, to 5,048.42.
The Dow Jones Industrial Average fell 375.12 points, or 1%, to 38,085.80.
The Nasdaq composite fell 100.99 points, or 0.6%, to 15,611.76.
The Russell 2000 index of smaller companies fell 14.31 points, or 0.7%, to 1,981.12.
Children are evacuated from school 'during an exam' after threat made via email
Chinese scientists precisely monitor solar radiation on Earth's surface
Unfazed by danger and power, Guatemalan cardinal keeps up fight for migrants and the poor
Chinese scientists invent ultrathin optical crystal for next
Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
Charli D'Amelio flashes a thong in a sheer black skirt as she narrowly avoids awkward run
Humanoid robots make public debut in Beijing
Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
SpaceX launches 23 more Starlink internet satellites into space
The unstoppable duo of Emma Stone and Yorgos Lanthimos
Chinese companies set new digging record in tunnelling projects in Nepal