U.S. stocks opened sharply lower on Thursday, dragged down by growth stocks after dour quarterly results from Meta Platforms, while signs of persistent inflation dampened hopes of the Federal Reserve cutting interest rates anytime soon.The Dow Jones Industrial Average fell 408.83 points, or 1.06%, at the open to 38,052.09.The S&P 500 opened lower by 51.75 points.
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There haven't been many success stories as outstanding as Amazon (NASDAQ: AMZN). This business has grown rapidly over the past couple of decades and now dominates multiple sectors, with customers using its products daily.This "Magnificent Seven" stock has crushed it for investors, rising 975% in just the past 10 years (as of April 19).
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The US economy grew at a slower pace than expected in the first quarter. The Bureau of Economic Analysis's advance estimate of first quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 1.6% during the period, slower than consensus forecasts. Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 2.5% during the period.
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