Gross domestic product here in the US unexpectedly declined at a 1.4% annualized pace in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984, according to the Commerce Department.  The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter. GDP measures the output of goods and services in the U.S. for the three-month period.  A plethora of factors conspired to weigh against growth during the first three months of 2022, which fell off a cliff following the 6.9% gain to close out last year.  However, the decline came largely from factors likely to reverse later in the year.

Microsoft’s stock price surged after the company reported an earnings beat in its most recent quarter. The company’s revenue guidance for each of Microsoft’s three business segments also exceeded the expectations of analysts 

Shares of the Boeing are sharply lower after the company reported first-quarter sales and revenue that missed analysts’ estimates. Boeing also said it’s pausing production of its 777X plane, and that deliveries may not start until 2025.

Shares of Facebook parent company Meta are higher after the company reported earnings that topped estimates even though revenue disappointed.