Stocks Opened Lower amid GDP Data

U.S. stocks opened slightly lower on Friday amid a stronger-than-expected reading of U.S. first-quarter gross domestic product. The Dow Jones Industrial Average lately fell 49.78 points, or 0.19%, to 26,412.30. The S&P 500 shed 6.47 points, or 0.22%, to 2,919.70. The Nasdaq Composite dropped 50.40 points, or 0.62%, to 8,068.28.

Oil prices pulled back Friday as traders paused what has shaped up as the longest bull run in about a year for the international benchmark and an even bigger feat for the U.S. market. West Texas Intermediate crude for June delivery fell $1.17, or 1.8%, to $64.05 a barrel. June Brent crude fell $1.46, or 2%, at $72.89 a barrel.

The U.S. economy grew at a 3.2% annualized rate in the first three months of the year, according to the first read on gross domestic product from the Bureau of Economic Analysis.

Slack Technologies Inc, operator of the popular workplace instant-messaging app, reported a loss of $140.7 million in the fiscal year ended Jan. 31, 2019. The company said its daily active users exceeded 10 million in the three months ended Jan. 31, 2019.

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