The U.S. economy posted its worst quarter on record.
The Dow Jones Industrial Average was down 1.2%, over 300 points, at Thursday’s open, while the S&P 500 fell 0.9% and the tech-heavy Nasdaq Composite lost 0.6%.in the second quarter, plunging by a record 32.9%—though economists were expecting a drop of 34.7%.
Markets also took a hit after weekly jobless claims came in at 1.43 million: While that was roughly in line with estimates, continuing claims rose to over 17 million from 16 million last week. Shares of Big Tech giants like Apple, Amazon, Facebook and Google-parent Alphabet all fell slightly ahead of second quarter earnings later on Thursday.
Meanwhile, the busiest week of earnings season continued, with Procter & Gamble and UPS moving higher after reporting strong sales of cleaning products and a surge in second-quarter home deliveries, respectively.“The worst GDP number in our lifetime wasn't a surprise, due to consumer spending coming to a sudden halt last quarter,” says Ryan Detrick, chief investment strategist for LPL Financial.
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