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US shares endured more losses on Thursday as lingering concerns about higher-for-longer loan charge rates and a Salesforce (CRM) sell-off dampened investors’ spirits.
The Dow Jones Industrial Average (^DJI) sank nearly 0.9%, or more than 350 points, after shedding over 400 to lead Wednesday’s stock sector slide. The S&P 500 (^GSPC) fell 0.6%, while the tech-heavy Nasdaq Composite (^IXIC) dropped about 1%.
shares have lost steam amid renewed gloom about the odds for rate cuts, stoked by data showing less cooling in inflation than the Federal Reserve wants. At the same time, hopes that Nvidia’s (NVDA) blockbuster earnings would spur a broader stock rally were disappointed.
Leading the way down on the corporate front Thursday was Salesforce (CRM), whose results sparked other worries about likely losers in the AI boom. The software maker’s shares slid nearly 20% after it said sales expansion would stall to the slowest in its history, its most significant decline since 2004.
Meanwhile, new government data showed that the US economy grew at a slower pace than initially thought during the first quarter. The Bureau of Economic study’s second estimate of first quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 1.3% during the period, down from a first reading of 1.6% expansion in April.
On deck for investors is a key inflation reading Friday. The Personal Consumption Expenditures Price Index, which includes the Fed’s closely watched “core” PCE measure, will offer potential clues on the path of loan charge rates less than two weeks ahead of the Fed’s next meeting.
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