Good evening.
Markets rally, U.S. economy declined in Q1, and Amazon stock falls 9% after disappointing earnings.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks surged on Thursday as investors piled into tech stocks following earnings results from Facebook.
The S&P 500 rose 2.47%, recording its best day in seven weeks.
U.S. economy shrinks. Data showed the U.S. economy shrank at a 1.4% annual rate in the first quarter, its first contraction since the start of the pandemic.
Stocks could face pressure tomorrow. Amazon stock is down 9% in extended trading after disappointing earnings.
The crypto market climbed on Thursday, with Bitcoin stabilizing around $40,000. The cryptocurrency is on track for a 15% decline this month.
Catch Up
Dr. Fauci told PBS Newshour on Tuesday that the Covid pandemic as we know it is over in the US.
Facebook parent Meta today had its biggest single-day stock gain in nearly 9 years.
President Joe Biden on Thursday asked Congress for $33 billion to support Ukraine.