The S&P 500 and Dow reversed early losses, rising 0.1% and 0.3%, respectively, to extend their winning streak to seven days, while the Nasdaq closed 0.1% lower. Investors shrugged off recession fears despite data showing the first quarterly economic contraction in three years. The U.S. economy shrank 0.3% in the first quarter, missing expectations as businesses rushed to import goods before Trump's tariffs took effect, while consumer spending rose a stronger-than-expected 0.7% in March, weak hiring and reduced government spending highlighting the growing economic headwinds. Among stocks, Super Micro Computer tumbled 11.5% on weak preliminary results. First Solar plunged 8.3% as it cut its full-year forecast, citing tariffs as a major headwind, while GE HealthCare also lowered its outlook on tariff concerns. Mondelez rose 3.8% after beating earnings estimates, boosting consumer staples. Investors now await earnings from Microsoft and Meta after the bell. (Newsmaker23)
Source: Trading Economics
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