Stock prices tumbled on Wednesday after a new report showed that the U.S. economy shrank in the first quarter of 2025.
The Dow Jones Industrial Average fell 0.8%, while The S&P 500 dropped 1.1%. The tech-heavy Nasdaq Composite fell 1.5%, according to CNBC. The drop in value followed a report from the Commerce Department that showed the U.S. GDP shrank 0.3% in the first three months of the year.
“This is Biden’s Stock Market, not Trump’s. I didn’t take over until January 20th. Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers,” President Donald Trump posted on Truth Social on Wednesday morning. “Our Country will boom, but we have to get rid of the Biden ‘Overhang.’ This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other. BE…
