Stocks slid on Thursday as the latest GDP report added to fears about a recession and investors continued to digest a slew of corporate earnings.
The Dow Jones Industrials sank 135.94 points to begin the week's penultimate session at 32,060.65.
The S&P 500 removed 22.16 points to 4,001.45
The NASDAQ stumbled 108.8 points to 11,923.62.
The moves came after the Bureau of Economic Analysis reported U.S. economic growth fell 0.9% in the second quarter. The Dow Jones estimate was for a gain of 0.3%. First-quarter GDP declined by 1.6%.
Investors also continued to monitor companies' second-quarter results Thursday. Shares of Meta Platforms dipped 5.9% on the back of disappointing quarterly results.
Shares of Comcast slid more than 9% after reporting it failed to add broadband subscribers for first time ever. Charter Communications fell 7%. The communication services sector was down by 2%, after posting its best daily performance since April 2020 on Wednesday.
Stanley Black & Decker shares tumbled about 15% after the manufacturing company missed earnings and revenue estimates and cut its earnings guidance.
Investors are looking ahead to results from Apple, Amazon, Intel and Roku slated for after the bell.
Treasury prices rose sharply, lowering yields to 2.66%, from Wednesday's 2.79%. Treasury prices and yields move in opposite directions.
Oil prices gained 51 cents to $97.77 U.S. a barrel.
Gold prices gathered $31.10 to $1,750.20 U.S. an ounce.