US markets tumble as GDP growth comes in lower than estimate, S&P 500 falls 0.5%

The US markets declined on May 30 as Q1 Gross Domestic Product (GDP) grew at a slower pace than estimated. The Bureau of Economic Analysis reported the fresh GDP growth rate for the quarter at 1.3 percent. This came as personal spending in the economy fell to 2 percent as against the previous estimate of 2.5 percent.

At 9:00pm IST, the S&P 500 fell 0.48 percent to 5,241.69 and the Nasdaq Composite traded half a percent lower at 16,830.33. The Dow Jones Industrial Average tumbled 1 percent to 38,055.10.

However, the GIFT Nifty traded positive, up 0.13 percent at 22,692.00.

The Indian indices fell for a fifth consecutive session on Thursday owing to the uncertainty before the election results and weak global cues. Nifty tumbled 0.95 percent to 22,488.65 and the Sensex ended 0.83 percent lower at 73,885.60.

European markets traded positive as European Union’s statistics revealed that unemployment rate in the Euro area fell to 6.4 percent in April as compared to the 6.5 percent reported in March. The FTSE edged 0.64 percent higher to 8,235.15 and the DAX was up 0.13 percent at 18,496.79. CAC also traded 0.55 percent higher at 7,978.51.

Earlier during the day, the Asian indices declined as tensions in the Middle East and global pressures loomed. The Nikkei fell 1.30 percent to 38,054.13 and the Hang Seng was down 1.34 percent at 18,230.19.

FIIs/FPIs continued to sell Indian equities for a second day in a row, with net sales for the day at Rs 3,050.15 crore. DIIs net purchased Rs 3,432.92 crore.

Crude fell for a second consecutive day, down 1.38 percent at $78.14. Brent was also down 1.45 percent at $82.39.