Market Turmoil: Bleak Economic Data and Big Tech Earnings Shake Investor Confidence

The stock market faced a challenging day as futures for the Dow Jones Industrial Average, S&P 500, and Nasdaq fell sharply. Investors reacted to disappointing GDP and jobs data, which revealed the first contraction of the U.S. economy in three years. The GDP shrank at an annual rate of 0.3% in the first quarter, driven by increased imports and reduced consumer and government spending. 

Adding to the uncertainty, private payroll growth showed a slowdown in hiring, reflecting unease among businesses. Meanwhile, Wall Street is bracing for a wave of Big Tech earnings reports, with Microsoft and Meta set to release their quarterly results later today. These reports are expected to provide insights into how major companies are navigating economic pressures and trade tensions.

April has been a tumultuous month for the markets, marked by tariff hikes and trade disputes. The Dow is on track for a monthly drop of 2.5%, while the S&P 500 and Nasdaq have experienced smaller declines. Investors are closely watching inflation data and corporate earnings for signs of stability amid the ongoing volatility.