Worries about a potentially toxic cocktail combining stubbornly high inflation with a flagging economy dragged U.S. stocks lower on Thursday. A sharp drop for Facebook’s parent company, one of Wall Street’s most influential stocks, also hurt the market. The Standard & Poor's 500 fell 0.5% and sliced some of the gain off what had been a big winning week. It looked to be heading for a much worse loss in the morning, when it tumbled as much as 1.6%.
But the lower-than-expected growth and higher-than-expected inflation are “a bit of a slap in the face to those hoping for a ‘no landing’ scenario,” said Brian Jacobsen, chief economist at Annex Wealth Management. “Things can change a lot from one quarter to the next, so it’s too early to say the Fed has failed, but this doesn’t help their cause.” Underneath the surface, the economic report may not have been as bad as initially thought.
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