🚨Stock Market Today: S&P 500 slumps as Salesforce leads tech wreck; inflation eyed 👨🏻‍💼🔺

On Thursday, the S&P 500 closed lower, impacted by a significant drop in Salesforce and cautious sentiment ahead of key inflation data due on Friday. The Dow Jones fell by 330 points (0.9%), the S&P 500 dropped 0.6%, and the NASDAQ declined by 1.1%.

Salesforce saw its worst day since 2004, falling nearly 20% after missing analyst estimates, reflecting broader software sector challenges. Major tech companies like NVIDIA, Microsoft, and Alphabet also declined, while Apple performed better.

The U.S. economy grew at a 1.3% annualized rate in Q1, down from 1.6%, and slower than the 3.4% pace in Q4 2023. Federal Reserve president John Williams stated that current monetary policies are restraining the economy, delaying interest rate cuts.

In the retail sector, Foot Locker rose 15% after affirming its 2024 guidance. Dollar General fell 8% due to declining customer spending despite strong earnings. Kohl’s dropped 23% after reporting an unexpected Q1 loss and issuing a 2025 profit warning. American Eagle Outfitters declined over 7% on weaker-than-expected sales.

Energy stocks were mostly flat, pressured by weaker oil prices and concerns about fuel demand. Valero Energy, ConocoPhillips, and Marathon Oil noted declines.

Overall, market sentiment was cautious with investors looking ahead to the upcoming inflation data for further direction.

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