Wall Street closed out April on a sour note Thursday, with all three major indexes finishing in the red as investors digested a cocktail of mixed earnings, a weaker-than-expected GDP print, and persistent tariff uncertainty. The S&P 500 shed roughly 0.9% to close at 5,210, marking one of its weakest monthly performances of the year. The Nasdaq led losses, falling 1.3% as technology names came under pressure.
The Commerce Department's advance GDP estimate for Q1 2026 showed the economy contracted at an annualized rate of 0.3%, spooking investors who had hoped resilient consumer spending would keep growth positive. Stagflation fears crept back into the conversation as core PCE inflation in the same report remained sticky above 3%. The VIX climbed to 22.4, reflecting elevated anxiety heading into May.
Earnings were a split story. Meta was the standout winner of the session, surging 4.1% after posting blowout ad revenue and boosting its outlook — a rare bright spot in an otherwise bruising tape. Amazon, however, dragged the index lower, tumbling 4.8% as cloud growth at AWS disappointed and forward guidance underwhelmed a market that had priced in perfection.
Gold held near record highs at $3,285 an ounce as safe-haven demand stayed firm. Oil slipped to $71.80 a barrel on demand concerns tied to the soft GDP reading. With April now in the books as a broadly negative month, attention turns to whether May brings relief or further turbulence.