FX.co ★ US Stocks Rebound After GDP Data

The S&P 500 and the Dow Jones Industrial Average managed to shrug off initial declines, edging upwards by 0.1% and 0.3%, respectively, extending their winning streak to seven consecutive sessions. Conversely, the Nasdaq Composite ended the day slightly lower, down 0.1%. Investors remained largely unfazed by recession fears, despite the latest data indicating the first quarterly economic contraction in three years. During the first quarter, the US economy contracted by 0.3%, falling below expectations as businesses raced to import goods ahead of the impending tariffs announced by the Trump administration. Meanwhile, consumer spending in March exceeded forecasts, rising by 0.7%, but slower hiring and decreased government expenditure underscored growing economic pressures. In corporate news, Super Micro Computer saw its shares plummet by 11.5% following the release of disappointing preliminary results. Likewise, First Solar's stock dropped by 8.3% after revising its full-year forecast downwards, citing tariffs as a significant challenge. GE HealthCare also adjusted its outlook, attributing the change to similar tariff concerns. On a positive note, Mondelez shares climbed by 3.8% after surpassing earnings expectations, providing a boost to the consumer staples sector. Market participants are now turning their attention to the anticipated earnings reports from Microsoft and Meta, expected after the market close.