New Delhi, April 30 -- Wall Street stocks declined sharply on Wednesday after data showed the US economy contracted in the first quarter, deepening concerns about the economic impact from President Donald Trump's tariff policies.

As of 1:10 PM Eastern time, the S&P 500 was down 1.2%. The Dow Jones Industrial Average was down 0.8%, and the Nasdaq Composite was 1.7% lower.

At 10:46 AMEDT, the Dow Jones Industrial Average fell1.07%. The broad-based S&P 500 was down 1.4%, while the tech-rich Nasdaq Composite slumped1.9%.

About 15 minutes into trading, the Dow Jones Industrial Average fell 1.6%. The S&P 500 dropped 2% to 5,449.09, while the Nasdaq Composite Index slumped 2.6% to 17,005.71.

The gross domestic product (GDP) of the world's la...