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The gross domestic product reading fell short of the 0.4% growth that economists surveyed by The Wall Street Journal expected.

U.S. President Donald Trump said on Wednesday that Americans should be patient in the face of a first quarter economic contraction, arguing that his tariffs would eventually lead to a boom in the U.S. economy. The economy shrank in the first quarter, weighed down by a deluge of goods imported by businesses eager to avoid higher costs, underscoring the disruptive nature of Trump's often chaotic tariff policy. Republican Trump blamed his Democratic predecessor, Joe Biden, for the poor showing.

Nvidia initiated, Starbucks downgraded: Wall Street's top analyst calls

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Freight delivery company XPO (NYSE:XPO) missed Wall Street’s revenue expectations in Q1 CY2025, with sales falling 3.2% year on year to $1.95 billion. Its non-GAAP profit of $0.73 per share was 12% above analysts’ consensus estimates.

Economists polled by Reuters had forecast consumer spending would rise 0.5% after a previously reported 0.4% increase in February. The data was included in the advance gross domestic product report for the first quarter that was published earlier on Wednesday, which showed GDP contracted at a 0.3% annualized rate last quarter, weighed down by a record surge in imports. President Donald Trump's sweeping tariffs have fanned fears the economy is facing a period of tepid growth, even recession, and high inflation, commonly referred to as stagflation.

Real estate services firm Newmark (NASDAQ:NMRK) reported Q1 CY2025 results topping the market’s revenue expectations, with sales up 21.8% year on year to $665.5 million. The company expects the full year’s revenue to be around $3 billion, close to analysts’ estimates. Its non-GAAP profit of $0.21 per share was 12.9% above analysts’ consensus estimates.

The U.S. economy has broken its three-year streak of steady growth, as the GDP shrank at an annual rate of 0.3% in the first quarter.

The U.S. economy contracted by an annualized 0.3% last quarter, the Commerce Department's Bureau of Economic Analysis said on Wednesday, as American businesses rushed to buy imported goods ahead of President Donald Trump's barrage of tariffs. Futures contracts that settle to the Fed's policy rate continued to point to a start to Fed rate cuts in June, with a total of four quarter-point reductions likely, bringing the rate to the 3.25%-3.5% range by year-end. Fed policymakers meet next week and are nearly universally expected to keep rates in their current 4.25%-4.5% range.

Private payroll additions tumbled in April as companies struggled with an uncertain outlook while President Trump's fresh tariff policies have disrupted business planning.