Stocks sank sharply in morning trade after new government data showed the U.S. economy shrank in the first three months of the year.
The S&P 500 dropped 93 points, or 1.7%, to 5,468; the Dow Jones Industrial Average fell 604 points, or 1.5%; and the tech-heavy Nasdaq Composite shed 2.4%.
The Commerce Department said in a report on Wednesday that the nation’s gross domestic product — the total value of products and services — shrank at a 0.3% annual rate, down from growth of 2.4% in the final three months of 2024…