Macro Mavens President Stephanie Pomboi is assessing market conditions, including whether the Fed will cut interest rates, the impact of lingering inflation, and the first-quarter GDP report.
Stock investors went into selling mode after the U.S. economy posted subpar growth in the first quarter.
The Dow Jones Industrial Average fell by triple digits, and the S&P 500 and the tech-heavy Nasdaq Composite also fell sharply in early trading.
IBM, Caterpillar and Microsoft, which report earnings after the close, paced the Dow’s slide, while Merck, Coca-Cola and Apple rose. Google’s parent companies Alphabet and Intel are also expected to report results later today.
Stock market decline continues: JP Morgan
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| IBM | International Business Machines Corporation | 167.82 | -16.19 | -8.80% |
| Cat | Caterpillar Corporation | 337.55 | -25.93 | -7.14% |
| MSFT | Microsoft Corporation | 394.12 | -14.94 | -3.65% |
| M.R.K. | Merck & Co. | 129.67 | +2.66 | +2.09% |
| K.O. | coca cola company | 61.83 | +0.27 | +0.43% |
| AAPL | Apple. | 168.50 | -0.52 | -0.31% |
Mark Zuckerberg’s Meta fell more than 14% on lower-than-expected revenue and increased spending on AI that could push expenses to nearly $100 billion, the company said Wednesday. I made it.
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SUN VALLEY, ID – JULY 8: Facebook CEO Mark Zuckerberg heads to lunch after a session at the Allen & Company Sun Valley Conference on July 8, 2021 in Sun Valley, Idaho.After a year-long hiatus due to the coronavirus disease (COVID-19) pandemic, the world’s most ((Photo by: Kevin Dietsch/Getty Images) / Getty Images)
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Meta | Meta Platforms Co., Ltd. | 440.18 | -53.32 | -10.80% |
The Dow’s decline moves it further away from its closing price of $39,807, set in late March 2024.
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Dow Jones Industrial Average
Gross domestic product (GDP) has increased 1.6% so far in 2024, the Commerce Department said, lower than the 2.4% expected by economists. This is the seventh consecutive quarter of increase, but it is lower than the 3.4% in the fourth quarter of 2023.
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The Commerce Department said growth in consumer spending slowed due to “reductions in automobiles, auto parts, gasoline and other energy products.”
Gold, which has been hovering near all-time highs, has fallen in tandem with crude oil, which is trading around the $82 level per barrel.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| GLD | SPDR Gold Shares Trust – EUR ACC | 215.44 | +0.79 | +0.37% |
| U.S.O. | American Petroleum Fund LP | 79.06 | -0.56 | -0.71% |
Among cryptocurrencies, Bitcoin fell slightly and remained around $63,000. It’s up more than 50% so far this year, outpacing the S&P’s 5% rise.
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