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US first-quarter economic growth revised lower

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Tesla up after report on push to roll out advanced FSD in

China

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Best Buy ( BBY ) shares jump after profit beat

(Updates to 4 p.m. ET)

By Abigail Summerville

May 30 (Reuters) - U.S. stocks fell on Thursday, led by

declines in technology shares after a disappointing Salesforce ( CRM )

forecast, while investors digested data showing the economy had

grown slower than previously expected in the first quarter.

Salesforce ( CRM ) shares plunged, a day after the company

forecast second-quarter profit and revenue below Street

estimates due to weak client spending on its cloud and

enterprise business products.

The S&P 500 technology sector dropped and was the

biggest drag on the benchmark index.

A Commerce Department report showed the economy grew slower

in the first quarter than previously estimated, after downward

revisions to consumer and equipment spending and a key measure

of inflation ticked lower, ahead of Friday's personal

consumption expenditure report for April.

Another set of numbers showed weekly jobless claims rose

more than expected.

"Normally you'd expect the market to rally off of a downward

revision to GDP because it signals the economy is moderating,

the Fed's job is done, we can get rate cuts. That's not the

reaction we're getting today," said Mark Hackett, chief of

investment research at Nationwide.

"So I'm a little surprised but not that surprised simply

because after the six week (rally) that we've had, it's pretty

healthy and expected to see some consolidation or sideways move

for a while."

According to preliminary data, the S&P 500 lost 30.78

points, or 0.58%, to end at 5,236.17 points, while the Nasdaq

Composite lost 185.32 points, or 1.10%, to 16,735.26.

The Dow Jones Industrial Average fell 332.51 points, or

0.86%, to 38,109.03.

U.S. Treasury yields dipped following the data, while

chances for an at least 25-basis-point interest rate reduction

in September edged up to 50.4%, from 48.7% before the data,

according to the CME Group's FedWatch Tool. Bond yields had hit

multi-week highs earlier in the week.

Among the day's gainers, HP jumped after it posted

better-than-expected second-quarter revenue.

Tesla rose after Reuters reported the company was

preparing to register its 'Full Self-Driving' software in China.

Retailer Best Buy ( BBY ) shares shot up after beating

forecasts for quarterly profit, while department-store chain

Kohl's slumped after cutting its annual sales and profit

forecasts.

Dell Technologies ( DELL ) shares were lower. Its quarterly

results were expected after the close, along with results from

Nordstrom ( JWN ) and Costco.