NASDAQ Composite (^IXIC)
| Previous Close | 15,712.75 |
| Open | 15,547.10 |
| Volume |
| Day's Range | 15,343.91 - 15,563.93 |
| 52 Week Range | 11,925.37 - 16,538.86 |
| Avg. Volume | 5,179,536,612 |
- Yahoo Finance Video
GDP print will have minimal impact on markets: Strategist
Markets (^DJI, ^IXIC, ^GSPC) are moving lower on Thursday, reacting to a weaker-than-expected GDP print for the first quarter. Deutsche Bank Chief US Equity and Global Strategist Binky Chadha joins The Morning Brief to discuss his market and inflation outlooks as stocks come under pressure this session. Chadha argues that "there's very little to take away" from the GDP print, suggesting that it should be analyzed "in components." He highlights that the largest component, the Personal Consumption Expenditures (PCE) Index, grew in line with its ten-year trend, indicating that GDP has "few implications for markets going forward." Chadha notes that the disappointing print stemmed from "the two largest, noisiest components of GDP": inventories and trade bonds, which, upon closer inspection, "look absolutely fine." Addressing inflation concerns, Chadha states: "Yes, of course, it matters for inflation, but the growth we've had has not mattered for inflation." He adds, "If you measure inflation relative to growth... we've been steady for about two years." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance. This post was written by Angel Smith
- Yahoo Finance Video
Market pressure is 'normal' despite slowing GDP: Strategist
The first-quarter US GDP (gross domestic product) print grew by 1.6%, a slower pace than was expected for the quarter. Carson Group Chief Market Strategist Ryan Detrick joined the Morning Brief to discuss his market outlook following pressures sparked by the latest data print. Detrick points out that, historically, markets "tend to be a little weak" at the start of an election year, calling the current market environment "normal." He is not "overly concerned that the economy's slowing down" when taking the GDP print into account. Detrick expresses optimism that the economy is moving in the right direction, stating that "inflation's not perfect"; however, he still believes that two to three interest rate cuts could materialize in 2024. On the earnings front, with markets spooked after Meta Platforms' (META) earnings report and second-quarter guidance, Detrick cautions against drawing broad conclusions from a single company's performance: "It's hard to just say one company matters for everybody." However, he advises adopting a neutral stance on Big Tech due to group's pricy stocks. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith
Yahoo FinanceGDP: US economy grows at 1.6% annual pace in first quarter, falling short of estimates while inflation increases
The reading of first quarter economic growth comes at a crucial time as investors digest the potential impacts of the Fed holding interest rates higher for longer.
