From Nasdaq: 2024-04-26 09:37:00

U.S. stocks closed lower as slow economic growth and persistent inflation raised fears over future interest rate cuts. The Dow fell 1% to 38,085.80, the S&P 500 slid 0.5% to 5,048.42, and the Nasdaq dropped 0.6% to 15,611.76. Caterpillar and IBM led the declines on the Dow.

Weak economic data showed the U.S. economy grew 1.6% in Q1, below the expected 2.4%. Inflation concerns rose as the personal consumption expenditure price index surged to 3.4%. The Fed’s rate cut expectations have dwindled to 36 basis points for 2024. Investors fretted over the economy’s health.

Mixed earnings reports affected the market, with Meta falling 10.6% despite beating Q1 earnings. American Airlines rose 1.5% despite a wider loss. Jobless claims dropped to 207,000, with the four-week average at 213,250. Continuing claims decreased to 1,781,000.

The fear-gauge CBOE Volatility Index fell 3.76%, but declining stocks outnumbered advancers. The mixed earnings week continues with various companies reporting their results. Investors remain cautious amid uncertain economic conditions post-pandemic. Market trends are being closely monitored for potential trading opportunities.



Read more at Nasdaq: Stock Market News for Apr 26, 2024