Stocks are down today and investors wondering why have come to the right place as we have all the details behind the market slump on Thursday!
The first bit of news that is pulling stocks down today comes from Meta Platforms (NASDAQ:META). The social media company announced its outlook for the second quarter of 2024 alongside its Q1 earnings results.
The problem here is the company’s revenue guidance of $36.5 billion to $39 billion. The $37.75 billion midpoint of that outlook is below the $38.24 billion Wall Street is expecting from Meta Platforms.
That Meta Platforms earnings report has investors spooked ahead of another major earnings report. Microsoft (NASDAQ:MSFT) is set to release its results for the first quarter of the year after the closing bell today.
Another factor weighing stocks down today is economic data in the United States. New reports show the economy grew at an annualized pace of 1.6% in Q1. Experts were estimating economic growth of 2.5%. This shows that high interest rates are weighing on consumers.
Let’s check out how this is affecting the major stock indices below!
Stocks Down Today: Major Indices Falling
- The S&P 500 is first on our list with a 1.43% drop as of Thursday morning.
- Next is the Dow Jones Industrial Average with a 1.81% fall as of this writing.
- Closing us out is the Nasdaq Composite as it also slides 1.81% lower today.
There are more stock market stories traders will want to read about down below!
We offer all of the hottest stock market news worth diving into on Thursday! That includes everything happening with shares of OptiNose (NASDAQ:OPTN) stock, Meta Platforms (NASDAQ:META) stock and Li Auto (NASDAQ:LI) stock today. All of this info is available at the following links!
More Stock Market News for Thursday
- Why Is OptiNose (OPTN) Stock Up 12% Today?
- Meta Platforms Stock Is Down 10%. Is This the Beginning of the End?
- Barclays Just Slashed Its Price Target on Li Auto (LI) Stock
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
