Stock Market Takes a Hit: S&P 500 Declines by 1.4%, Led by Communication Sector Stocks

On Thursday, the stock market experienced a significant drop, led by the decline in communication sector stocks. The S&P 500 fell by 1.4 percent, while the Nasdaq and Dow Jones indexes declined by 1.6 percent and 1.7 percent respectively. The decline was triggered by new economic macro data in the United States that revealed slower-than-expected growth at the beginning of the year, along with higher inflation rates than anticipated. This led to a rise in US government bond interest rates.

Among the individual stocks that grabbed attention on Wall Street was technology company Meta, which dropped by 11.8 percent after lower-than-expected sales forecasts and plans for substantial additional investments in artificial intelligence-related development work were announced.

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