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Editor’s note: This story has been updated to correct an error in Personal Consumption Expenditure data.
The U.S. economy grew in the first quarter of the year, albeit at a markedly slower pace compared to the final quarter of 2023 and below economists’ predictions.
The annualized growth rate of the Gross Domestic Product (GDP) stood at 1.6% for the recently concluded quarter, according to the advanced estimates released by the Bureau of Economic Analysis on Thursday.
The U.S. dollar index (DXY), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), inched higher by 0.1% minutes after the GDP print.
Treasury yields slightly rose by approximately 3 basis points across the curve, with the policy-sensitive 2-year yield rising to 4.95%, as traders bolstered their expectations for fewer and delayed Fed rate cuts in light of the higher-than-expected inflation figures.
Gold, as tracked by the SPDR Gold Trust (NYSE:GLD), went up 0.5%
During Thursday’s premarket trading, futures on major U.S. indices were all in the red, driven by a sharp drop of about 15% in tech giant Meta Platforms Inc. (NASDAQ:META) following the issuance of a weak revenue guidance for the second quarter, overshadowing the company’s better-than-expected first quarter results.
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