Dow, S&P Close Higher As GDP Data Shows Economy Contracting
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Here's your closing bell brief for Wednesday, April 30th. I'm Charlotte Gartenberg for The Wall Street Journal. U.S. stocks had a mixed day, rebounding late in the day despite trading lower most of the session after new data showed the U.S. economy shrank at the start of this year. The Dow Jones Industrial Average fell 142 points to close at 40,670. The S&P 500 rose 8 points and the Nasdaq fell 15 points.

GDP data for the first three months of this year showed a contraction of 0.3 percent, the first decline since the start of 2022. The data reflects the three months before President Trump's Liberation Day tariffs were announced.

Also today, hiring in the U.S. private sector slowed markedly amid growing policy uncertainty. A private sector employment report indicated just 62,000 jobs were added in April, down from 147,000 in March, and far below economists' expectations.

In other individual companies today, Snap, the parent of Snapchat, said some advertisers have curbed their ad spending due to the Trump administration's plans to close a loophole that previously waived tariffs for lower-priced goods. Shares fell nearly 12.5%.

Starbucks stocks closed down 6% today after the company posted second quarter earnings that missed Wall Street expectations the day before. Its chief executive did express confidence that the coffee chain's efforts to speed up service are working.

After the bell, Meta Platform's stock rose over 5% after the company said sales reached $42 billion in the first quarter and indicated growth would remain steady in the coming months, blunting concern that President Trump's tariffs would harm its global digital ads business.

We'll have a lot more coverage of the day's news on the Wall Street Journal's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts. Viking, committed to exploring the world in comfort. Journey through the heart of Europe on an elegant Viking longship with thoughtful service, cultural enrichment, and all-inclusive fares. Discover more at viking.com.