US stock indices tumbled on Wednesday after earlier data showed the US economy shrank unexpectedly in the first quarter.

Earlier data showed US GDP shrank 0.3% y/y in the first quarter, while analysts expected a growth of 0.4%.

According to the ADP survey, the US private sector added just 62 thousand new jobs in April, below expectations of 120 thousand.

Trump commented on the GDP contraction data and blamed Bidens heritage, asserting that his economic recovery that he promised will take time.

He asserted that tariffs will have their impact soon with corporations already shifting their production to the US in record numbers.

On trading, Dow Jones fell 1.1% as of 15:44 GMT to 40102 points, while SP 500 shed 1.4%, or 77 points to 5483 points, as NASDAQ dropped 1.8%, or 316 points to 17,148 points.