The stock market experienced a significant drop on Thursday, driven by a decrease in stocks in the communications sector. The S&P 500 fell by 1.4 percent, the Nasdaq dropped by 1.6 percent, and the Dow Jones index declined by 1.7 percent. The decline in stock futures was triggered by new economic macro data in the United States that revealed slower-than-expected growth at the beginning of the year and higher inflation rates than anticipated. Consequently, US government bond interest rates rose significantly following the economic figures.
Among the individual stocks that grabbed attention on Wall Street was technology company Meta, which reported lower-than-expected sales forecasts and announced plans for substantial additional investments in artificial intelligence-related development work. As a result, Meta’s share price dropped by 11.8 percent after five o’clock to $435.22.
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