Economic news

U.S. stocks open lower after GDP figures

Wall Street slipped in morning deals on Thursday following slowdown in the first-quarter GDP growth as the market moves towards the end of the month, quarter, and the first half of 2018.

Photo: Reuters

The Dow Jones Industrial Average slid 0.22 percent to 24,064.19. The S&P 500 inched down 0.03 percent, to 2,698.69. The Nasdaq Composite sank 0.09 percent, to 7,438.11.

The growth in the U.S. economy in the first quarter slowed to 2 percent from 2.2 percent, the Commerce Department reported on Thursday.

A rise in oil prices failed to support the energy sector, which declined: shares in Halliburton Co slumped 0.9 percent and Marathon Oil MRO fell 1.8 percent. Inc jumped 0.9 percent after it announced it would buy online pharmacy PillPack.

Marvell Technology soared 7.9 percent after the chipmaker said China has approved the company's merger deal with Cavium, Inc., which gained 9.6 percent. The technology stocks rose 0.43 percent offering support to the market.

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