Indexes fell Thursday and were dragged down by big tech. $Meta Platforms (META.US)$ fell 11% after its updated revenue outlook for the year did not match expectations.
Right after the close, the $S&P 500 Index fell about 0.46%. The $Dow Jones Industrial Average fell about 0.98%, and the $Nasdaq Composite Index fell about 0.64%.
MACRO
In macro, GDP numbers for the first quarter came out low, at 1.6% growth compared to expectations of 2.5%. In the world of inflation fighting, a lower growth rate means prices may have slowed their endless climb, and the Federal Reserve may lower target rates sooner. It also means that compared to the hot 3.4% rate in Q4, and nearly 5% rate in Q3, the economy is slowing and U.S. stocks may also shrink.
$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ climbed to past 5% this morning, and dropped to 4.99 in the afternoon after a major sell off. The $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.71.
The S&P Manufacturing PMI came out Tuesday morning at 49.9 compared to estimates of 52, a reading below 50 points tends to indicate a contraction in the activity level of purchasing managers in the manufacturing sector. Investors can expect the PCE, the Fed's favorite inflation indicator, to be released on Friday.
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