The session’s outcome indicates that the Dow Jones Industrial Average rose by 0.35%, the tech-heavy Nasdaq finished close to even with a 0.09% decline, and the broader S&P 500 increased by 0.15%.
At the opening, the stock market was significantly impacted by news of a decline in the gross domestic product (GDP) in the first quarter, when it had been flourishing at the end of 2024.
“In a market where higher prices are starting to show, the news we are getting isn’t good,” noted Art Hogan of B. Riley Wealth Management, speaking to AFP.
In the first three months of the year, corresponding to Donald Trump’s arrival at the White House, GDP fell by 0.3% year-on-year and 0.1% in series.
This development was attributed to Trump’s tariff policy, which sent shockwaves through both the country and the world.
Meanwhile, a monthly survey indicated that hiring by the private sector had dropped sharply in April.
This survey, conducted by ADP/Stanford Lab, highlighted the “unease” among employers due to uncertainty created by increasing tariff rates.
“It is still too early” to predict a recession in the U.S., because “the problem is we have numerous unknowns” in the trade area, said Jack Albin of Cresset, also to AFP.
Regarding corporate earnings, “the season is proceeding without disruptions,” observed Hogan.
Nonetheless, “most companies remain vague in their forecasts, in an economy of which they do not know the rules,” highlighted Albin.
