US GDP growth in 1Q was just 1.6%, far weaker than expected and logged the lowest growth level in nearly two years, while personal consumption expenditures (PCE) inflation remained high. The three major US stock indexes crashed early on Thursday, but the decline narrowed significantly in the afternoon.
DJIA once cratered as much as 706 points to 37,754, and closed plummeting 375 points or 1% at 38,085.8. S&P 500 closed dropping 23.21 points or 0.46% at 5,048.42, while the Nasdaq closed diving 100.99 points or 0.64% at 15,611.76.
Meta (META.US) saw its 1Q net profit double, but its 2Q earnings guidance was weak, and its share price nosedived 10.6% to US$441.38. International Business Machines (IBM.US) 's 1Q revenue was slightly under expectations and it announced the acquisition of HashiCorp (HCP.US) . IBM's share price plunged 8.3%. Caterpillar (CAT.US) crumpled 7% after expecting weak sales in the current quarter.
Microsoft (MSFT.US) and Alphabet (GOOG.US) slid 2.5% and 2% respectively ahead of their results. NVIDIA (NVDA.US) rose 3.7% against the market, while Tesla (TSLA.US) hiked 5% and Apple (AAPL.US) gained 0.5%.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
