US stocks slid on Thursday after the revised data showed the US economy grew less than previously expected in the first quarter.
US gross domestic product (GDP) growth for the first quarter was lowered to 1.3 per cent from previous estimate of 1.6 per cent.
At 12:04 p.m. the Dow Jones Industrial Average fell 334.33 points, or 0.87 per cent, to 38,107.21, the S&P 500 lost 17.03 points, or 0.32 per cent, to 5,249.92 and the Nasdaq Composite lost 85.53 points, or 0.51 per cent, to 16,835.05.
ALSO READ: US stock markets: Salesforce shares tumble about 20% on weak earnings forecast
At 9:56 a.m. ET, the Dow Jones Industrial Average was down 356.36 points, or 0.93 per cent, at 38,085.18, the S&P 500 was down 13.80 points, or 0.26 per cent, at 5,253.15, and the Nasdaq Composite was down 40.29 points, or 0.24 per cent, at 16,880.29.
At the opening bell, the Dow Jones Industrial Average fell 73.2 points, or 0.19 per cent, to 38,368.35. The S&P 500 fell 7.2 points, or 0.14 per cent, to 5,259.77, while the Nasdaq Composite dropped 42.0 points, or 0.25 per cent, to 16,878.628.
Bond yields eased on Thursday following the GDP report. The yield on the 10-year Treasury fell to 4.56 per cent from 4.62 per cent late on Wednesday. The 2-year yield dropped to 4.93 per cent from 4.98 per cent.
Salesforce stock tumbled 19.8 per cent after it reported weaker revenue for the first quarter than Wall Street estimates. The company lost roughly a fifth of its market value.
Kohl’s shares tanked 26.3 per cent after reporting loss for the first quarter.
ALSO READ: Oil snaps 3-day winning streak, crashes 2% on poor US demand; Brent drops 6% in
Best Buy stock rose 10.8 per cent after reporting better-than-expected profit.
Crude oil
Oil prices fell on Thursday, after the weak fuel demand in the US and a surprise jump in gasoline and distillate fuel stockpiles.
Brent crude futures fell by $1.25, or 1.5 per cent, to $82.35 a barrel by 11:50 am ET (1550 GMT). US West Texas Intermediate crude futures were $1.15, or 1.5 per cent, lower at $78.08 a barrel.
Bullion
Gold prices gained on Thursday as the US dollar and Treasury yields fell.
Spot gold was up 0.4 per cent at $2,347.82 per ounce as of 1:00 p.m. ET (1700 GMT). US gold futures rose 0.2 per cent to $2,345.70.
Spot silver fell 1.8 per cent to $31.39.
You are on Mint! India’s #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!
Download The Mint News App to get Daily Market Updates.
Published: 30 May 2024, 07:31 PM IST
