The most recent GDP report revealed that the US economy only grew by 1.6% in the first quarter of the year, a rate that was much lower than anticipated. As a result, US stocks experienced a significant drop on Thursday morning.
The Dow plummeted by 650 points, or 1.7%, while the S&P 500 and Nasdaq Composite also declined by 1.4% and 1.9% respectively. Investors were disappointed by the slower economic growth and are now expecting a longer wait for the Federal Reserve to implement the first rate cut.
This is a developing story and updates will be provided as more information becomes available.
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