Stock markets began with slight declines on Thursday as investors evaluated new economic data
The S&P 500 (^GSPC) showed little movement, while the Dow Jones Industrial Average (^DJI) fell 0.1%. The Nasdaq Composite (^IXIC), heavily influenced by technology stocks, was just below unchanged.
In economic updates, the Bureau of Economic Development reported that real gross domestic product (GDP) grew 1.4% annually in the first quarter of 2024. This figure, released on Thursday morning, was slightly higher than the previous estimate of 1.3%, although it marked the slowest growth since 2022.
Meanwhile, the Labor Department announced that initial weekly jobless claims fell to 233,000, a decrease of 6,000 from the previous week.
On the corporate side, Micron Technology (MU) met sales expectations for the current quarter, but disappointed investors looking for stronger performance from AI-focused companies. Micron shares fell about 4% in early trading. Nvidia (NVDA), another major player in AI chips, also saw a nearly 1% drop at the market open.