Wall Street tumbles as double dose of underwhelming economic news and plummeting Meta stock weigh on market

Stocks closed lower on Thursday due to concerns about a challenging situation for financial markets. This situation is characterized by high inflation rates and slowing economic growth. The S&P 500 fell 0.5%, the Dow Jones Industrial Average lost 1%, and the Nasdaq composite dropped 0.6%. One of the key factors contributing to the market’s decline was the sharp drop in shares of Meta Platforms, a prominent stock on Wall Street.

Despite an initial drop of 1.6%, the S&P 500 managed to recover some of its losses later in the day. The Dow Jones Industrial Average experienced a significant decline of 1%, while the Nasdaq composite gave back 0.6%. Treasury yields rose following a report indicating that inflation levels were higher than expected in the first quarter of the year. Additionally, the economy’s growth slowed more than forecasted, further adding to investor concerns.