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The US economy's first-quarter GDP growth rate unexpectedly dropped to 1.6%, significantly lower than the previous quarter's 3.4% and missing economists' estimates. Inflation surged, with the PCE price index rising to 3.4%. The slowdown led to a sell-off in stocks, including Meta Platforms.
US GDP expanded at an annual rate of 1.4% in the first quarter of 2024, slower than expected and much lower than the 3.4% growth seen in the fourth quarter of 2023. https://t.co/kb2rqdrbaU
WATCH: US stocks closed higher, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet and Microsoft in addition to moderate inflation data https://t.co/93lprqxD36 https://t.co/D9Qbo0FWvz
WATCH: Despite a stubbornly high inflation, the figures showed a healthy 2.5% year-on-year rise in US consumer spending in the last quarter. Here's a look at the stories shaping global markets https://t.co/CjKXp5ajo5