Trading started on the wrong side for Wall Street bulls on Thursday morning.
All major asset categories headed south on worries that the U.S economy is heading into stagflation. That's a situation of slowing economic growth and rising inflation.
Stagflation worries followed the release of a government report showing that the world's largest economy switched into a lower gear. The Gross Domestic Product (GDP) -- a measure of the nation's output during a calendar year -- expanded by an annualized 1.6% in the first quarter of 2024.
