US Q1 growth showed that the US economy slowed way more than expected [Video]
|Facebook’s Meta went on a 10% freefall yesterday, even after the company announced better-than-expected earnings, but didn’t pull the rest of the tech stocks down with it yesterday. Nvidia gained more than 3% while Tesla jumped another 5% - don’t ask me why.
On the macroeconomic stage, the news were not bright. The first estimate for the US Q1 growth showed that the US economy slowed way more than expected in Q1 and threw a wrench into the soft-landing dream and sparked fears of stagflation, where the economy slows down while inflation persists – which would force the Fed to keep its policy tight. Stocks fell.
But happily, AI may save the day. Microsoft and Google’s Alphabet both jumped in the afterhours trading after announcing sufficiently strong results that met and surpassed expectations.
Exxon and Chevron are expected to announce their Q1 results today.
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