US stocks open lower after downward GDP revision

Gold rises 0.3% to $2,345, silver declines 1%

By Ovunc Kutlu

ISTANBUL (AA) - Major stock exchanges in the US opened Thursday with losses after a downward revision to the GDP figure for the first quarter was made.

The Dow Jones fell 336 points, or 0.88%, to 38,105 at 9.37 a.m. EDT (1337GMT). The S&P 500 lost 16 points, or 0.31%, to 5,250.

The Nasdaq decreased 60 points, or 0.36%, to 16,860.

American economy expanded 1.3% in the first quarter of 2024, according to the Commerce Department's second reading released earlier. The figure is revised down from the first reading of 1.6% made last month.

The VIX volatility index, also known as the fear index, fell 1% to 14.14. The 10-year US Treasury yield lost 1.1% to 4.571%.

The dollar index declined 0.3% to 104.78, while the euro rose 0.25% to $1.0828 against the greenback.

Precious metals were mixed, with gold rising 0.3% to $2,345 per ounce but silver decreasing 1% to $31.64.

Oil prices were down around 0.5% with global benchmark Brent crude at $82.93 per barrel and US benchmark West Texas Intermediate at $78.84.

Kaynak:

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