US stock market falls, weighed down by lower-than-expected GDP

The US stock market has fallen. The US gross domestic product (GDP) growth slowed in the first quarter, falling short of market expectations, which was disappointing. Photographed in July 2021 (2024 Reuters/Andrew Kelly)

NEW YORK (Reuters) – The U.S. stock market is in decline. The US gross domestic product (GDP) growth slowed in the first quarter, falling short of market expectations. Also, Meta Platforms (META.O) was announced after the close of the previous day. New Tab opens new tabSelling of large-cap stocks spread after the company’s financial results were disappointing.

The U.S. economic growth rate in the first quarter was the slowest in nearly two years, indicating accelerating inflation and increasing expectations that the U.S. Federal Reserve will not cut interest rates before September.See more

Meta fell about 11%. Selling extends to other tech stocks, including Alphabet (GOOGL.O) New Tab opens new tabAmazon.com (AMZN.O) New Tab opens new tabMicrosoft (MSFT.O) New Tab opens new tabIt also fell.

However, Alphabet and Microsoft rose in after-hours trading after reporting better-than-expected quarterly results. Meanwhile, Intel (INTC.O) New Tab opens new tabThe company fell 8% in after-hours trading after its second-quarter earnings forecast fell short of market expectations.

Communication sector (.SPLRCL) due to decline in meta New Tab opens new tabsold, making it the biggest decline among any S&P sector. Health care, real estate, financials and consumer goods also fell.

“GDP definitely destroyed the market’s expectations for stocks in terms of high growth,” said James St. Aubin, chief investment officer at Sierra Mutual Fund. It will lead to.”

IBM (IBM.N) New Tab opens new tabfell 8%. First-quarter sales were lower than expected, and cloud software provider Hashicorp (HCP.O) New Tab opens new tabannounced that it would acquire the company for $6.4 billion.

Caterpillar (CAT.N) New Tab opens new tabfell 7%. The downward revision of the sales forecast for the second quarter was disliked.

Declining issues outnumbered advancing issues on the New York Stock Exchange by a 2.3-to-1 ratio. The Nasdaq also had a 2-to-1 ratio of declining stocks.

The total trading volume on US exchanges was 10.7 billion shares. The average for the last 20 business days was 11.07 billion shares.

This is a provisional value based on LSEG data.Changes from the previous day may not match *US stock market

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Chibuike reports on Breaking News, with a focus on finance and markets. He previously covered US private equity firms, and holds master’s degrees in journalism from New York University and Edinburgh Napier University.

The article is in Japanese

Tags: stock market falls weighed lowerthanexpected GDP Reuters

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