US stocks tumble as downbeat overseas data dampen global growth prospects

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  • US stocks ended lower on Friday to close out April.
  • Twitter and Amazon shares were under pressure during the session following quarterly earnings reports.
  • Eurozone and Chinese economic data came in softer than expected.

US stocks slumped Friday, hurt by disappointing economic data from the eurozone and China, the world’s second-largest economy, that may crimp prospects for global recovery from the COVID-19 pandemic.

The Dow Jones Industrial Average retreated from its record closing high made in the previous session while Wall Street’s two other major indexes suffered.

Here’s where US indexes stood at 4:00 p.m. on Friday:

Investors pulled down equities after data showed the eurozone economy shrank in the first quarter of 2021 as the bloc struggled with the slow rollout of coronavirus vaccinations and with containing the COVID-19 pandemic. The snapshot came after figures showed China’s key manufacturing sector slowed by more than expected in April.

Stocks failed to gain traction after the Commerce Department said personal incomes for Americans surged by a record 21.1% in March. Last month, Congress passed a $1.9 trillion stimulus package that unlocked $1,400 checks to most Americans.

The Dow average was hurt by a drop in Amazon shares even as the online retailer blew past Wall Street’s targets for its first-quarter earnings report. Shares of Twitter tumbled after the social media giant’s first-quarter earnings report disappointed Wall Street investors.

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Around the markets, XRP, the digital asset used in Ripple Labs’ payment network, soared after Ripple’s largest outside shareholder said the cryptocurrency company wanted to go public after wrapping up a legal dispute with the SEC.

Gold slipped to $1,769.81 per ounce. Long-dated US treasury yields edged down, with the 10-year yield at 1.631%.
Oil prices dropped. West Texas Intermediate crude fell 2.5% to $63.37 per barrel. Brent crude, oil’s international benchmark, lost 2% to $66.24 per barrel.

Bitcoin jumped to $57,016.

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