GDP: US economy grows at 1.6% annual pace in first quarter, falling short of estimates

Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 2.5% during the period.The GDP release comes amid ongoing concerns of a slowdown amid a restrictive interest rate policy from the Federal Reserve.

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Investors are ramping up their exits from Cathie Wood's ARK after an epic 72% decline in her flagship fund Tesla’s first-quarter net income plummeted 55%, but its stock price surged in after-hours trading Tuesday as the company said it would accelerate production of new, more affordable vehicles. The Austin, Texas, company said it made $1.13 billion from January through March compared with $2.51 billion in the same period a year ago. Investors and analysts were looking for some sign that Tesla will take steops to stem its stock's slide this year and grow sales.

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