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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

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Indexes off: Dow 0.71%, S&P 0.21%, Nasdaq 0.43%

(Updated as of 2:30 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 21%, 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 1.6% 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."

U.S. Treasury yields dipped following the report, 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.

The Dow Jones Industrial Average fell 271.04 points,

or 0.71%, to 38,170.50, the S&P 500 lost 11.30 points, or

0.21%, to 5,255.65 and the Nasdaq Composite lost 73.04

points, or 0.43%, to 16,847.43.

Among the day's gainers, HP jumped 18.4% after it

posted better-than-expected second-quarter revenue.

Tesla rose 1.8% after Reuters reported the company

was preparing to register its 'Full Self-Driving' software in

China.

Retailer Best Buy ( BBY ) jumped 12.8% after beating

forecasts for quarterly profit, while department-store chain

Kohl's slumped 23.7% after cutting its annual sales and

profit forecasts.

Advancing issues outnumbered decliners by a 3.15-to-1 ratio

on the NYSE and by a 2-to-1 ratio on the Nasdaq.

The S&P 500 posted 12 new 52-week highs and nine new lows

while the Nasdaq Composite recorded 46 new highs and 76 new

lows.