Wall Street Slides on Economic Data, Meta’s Poor Performance Drives Downturn
Wall Street’s key stock indexes opened lower on Thursday, with the S&P 500 down 1.4 percent, the Nasdaq falling by 1.6 percent, and the Dow Jones index declining by 1.7 percent. The drop in the stock market was driven by a decrease in stocks in the communications sector.
The decline in stock futures on Thursday afternoon was triggered by new economic macro data in the United States. The data revealed slower-than-expected growth in the US economy at the beginning of the year, along with higher inflation rates than previously anticipated. Consequently, US government bond interest rates also rose significantly following the economic figures.
Among the individual stocks that grabbed attention on Wall Street was technology company Meta. The company reported lower-than-expected sales forecasts and announced plans for substantial additional investments in artificial intelligence-related development work. As a result, Meta’s share price dropped by 11.8 percent after five o’clock to $435.22.
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