Stock market today: Dow falls 375 points as traders brace for new inflation data after weak GDP

• US stocks tumbled after the first-quarter GDP report on Thursday. 
• Economic growth slowed to 1.6% in the first three months of the year, badly missing expectations. 
• Commentators pointed out that the data was still mostly strong but inflation is problematic. 

Stocks fell on Thursday, with the Dow Jones Industrial Average losing 375 points as the market took in weaker-than-expected economic data. 

Growth slowed but inflation stayed high last quarter, a discouraging sign for traders as they look for signs the Federal Reserve will soon cut interest rates. Slowing growth and high inflation is a tough scenario for the economy and has led to "stagflation" in previous eras, like the 1970s. 

Yet, several banks noted that the data is still upbeat under the surface. Barclays and Bank of America both noted that demand looks to be solid still, evidenced by sales to domestic purchases, which came in at 2.8% for the quarter.

However, inflation was a nasty surprise, and the situation could be complicated even more by Friday's personal consumption expenditures report, which is the Fed's preferred measure of inflation. Bank of America analysts said that they forecast upward revisions in January and February PCE, rather than a big surprise jump in the March figure. 

"The economy will likely decelerate further in the following quarters as consumers are likely near the end of their spending splurge. Savings rates are falling as sticky inflation puts greater pressure on the consumer," LPL Financial chief economist Jeffrey Roach said. "We should expect inflation will ease throughout this year as aggregate demand slows, although the path to the Fed's 2% target still looks a long ways off."

The 10-year Treasury bond jumped five basis points to 4.704%. 

Meta tumbled Thursday, helping to drag the wider tech sector down. The social media firm delivered disappointing guidance after reporting earnings that beat estimates. Markets are awaiting results after the closing bell for Microsoft and Google parent Alphabet. 

Here's where US indexes stood at the 4 p.m. closing bell on Thursday: 

• S&P 500: 5,048.42, down 0.5% 
• Dow Jones Industrial Average: 38,085.80, down 1% (375 points)
• Nasdaq Composite: 15,611.76, down 0.6% 

Here's what else is going on: 

• High inflation could be with us for a while as commodity prices see a fresh surge, the World Bank says. 
• Bill Gross said on X that investors should avoid tech, but there's one name he says stands out if you have to dabble in the sector. 
• A "buy bitcoin" sign scrawled on yellow legal paper sold for $1 million. It was flashed by an intern during a congressional hearing of Janet Yellen in 2017.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude oil rose 1% to $83.75 a barrel. Brent crude, the international benchmark, ticked gained 1.3% to 89.18 a barrel. 
• Gold rose 0.4% to $2,347.70 an ounce. 
• The 10-year Treasury yield rose five basis points to 4.704%. 
• Bitcoin edged up to $64,586.