US stock indices tumble after weak data

US stock indices fell on Thursday following disappointing US data earlier today.

US GDP growth came in at 1.6% in the first quarter of 2024, down from 3.4% in the fourth quarter of 2023, while analysts expected a 2.4% growth rate. 

US personal spending, a major driver of growth, rose by 2.5% in the last quarter, down from 3% in the previous reading. 

Other data showed US unemployment claims fell by 5 thousand to 207 thousand in the week ending April 20, while analysts expected 215 thousand. 

On trading, Dow Jones fell 1.2%, or 477 points to 37,984, while S&P 500 fell 0.9%, or 44 points to 5,027, as NASDAQ gave up 1.3%, or 202 points to 15,510.