[Breaking News] U.S. Economic Slowdown Concerns Lead to New York Stock Market Decline: Dow Falls 1.22%, Nasdaq Drops 1.92%

# U.S. Markets Slide Amid Economic Slowdown Concerns [Seoul=Newsis] By Lee Jae-jun – On the 30th, the U.S. stock market saw a significant drop, driven by deepening worries over a potential economic downturn, which led to widespread selling and impacted the major indices. As of 10:38 a.m. Eastern Time, the Dow Jones Industrial Average fell by 494.55 points, or 1.22%, reaching 40,033.07, marking a reversal after seven consecutive sessions of gains. The S&P 500 decreased by 83.22 points, or 1.50%, to 5,477.61, while the Nasdaq Composite, which is predominantly comprised of tech stocks, declined by 335.67 points, or 1.92%, to 17,125.64. This decline comes in the wake of the first-quarter 2025 U.S. real Gross Domestic Product (GDP) data released by the Labor Department, which revealed a 0.3% contraction from the previous quarter. This marks the first episode of negative economic growth since the first quarter of 2022, spanning three years. The disappointing result, which sharply missed market expectations of a 0.4% rise, has heightened fears of an economic slowdown. Contributing to the GDP decline was a spike in advance imports triggered by stockpiling efforts ahead of the Trump administration's planned high-tariff policies. Additionally, a decrease in personal consumption further restrained overall economic activity. Adding to investors' concerns, ADP’s April employment report indicated that private sector nonfarm payrolls rose by just 62,000 from the previous month—a number significantly below market forecasts. # Tech and Industrial Giants Take a Hit Major stocks, especially in the tech and industrial sectors, have not been immune to the sell-off. Amazon.com, semiconductor leader Nvidia, Microsoft, IBM, and oil titan Chevron are trading lower. Industrial mainstays such as Honeywell are also showing declines. Investment banking powerhouse Goldman Sachs, sportswear giant Nike, server manufacturer Super Micro Computer, along with Tesla, Meta Platforms, construction equipment producer Caterpillar, and aerospace giant Boeing are also experiencing losses. # Select Defensive Names Show Resilience Meanwhile, a select few defensive stocks are bucking the overall market trend. Telecommunications firm Verizon Communications and fast-food giant McDonald’s are trading relatively steadily, indicating sustained investor interest in these sectors. Overall, the market remains under strain as economic data continues to fall short of expectations, raising concerns about corporate earnings and consumer health amid a potential slowdown. Investors remain cautious and are looking for further direction from upcoming economic reports and corporate earnings announcements in the coming weeks.