US Stocks Rebound After GDP Data
The S&P 500 and Dow reversed early losses, rising 0.1% and 0.3%, respectively, to extend their winning streak to seven days, while the Nasdaq closed 0.1% lower.
Investors shrugged off recession concerns despite data revealing the first quarterly economic contraction in three years. The US economy shrank 0.3% in the first quarter, falling short of expectations as businesses rushed to import goods before Trump’s tariffs took effect, while March consumer spending rose by a stronger-than-expected 0.7%, soft hiring and reduced government spending highlighted growing economic pressure.
Among stocks, Super Micro Computer tumbled 11.5% on weak preliminary results. First Solar sank 8.3% as it slashed its full-year forecast, calling tariffs a major headwind, while GE HealthCare also lowered its outlook due to tariff concerns. Mondelez rose 3.8% after topping earnings estimates, boosting consumer staples. Investors now await earnings from Microsoft and Meta after the bell.
Source: Trading Economics
