SHARES on Wall Street dropped to session lows yesterday amid a wave of computer-driven sell orders and weakness in car manufacturing stocks. ''Nothing looks like it's going to lead the market higher,'' said Mr Steven Goldman, market strategist at Weeden & Co. ''If you don't have the leadership, how is the market going to move higher?' General Motors reported first-quarter earnings of 42 cents a share, compared with a loss of 53 cents a share a year ago before a series of accounting charges. As well as car manufacturing stocks, oil companies and health-care issues were also among the worst performing industry groups. Electrical equipment and insurance companies were the best performing sectors. Investors disregarded this morning's mixed economic reports, analysts said. The Labour Department reported that initial jobless claims fell 7,000 to 349,000 last week, compared with economists' estimates calling for a 14,000 rise. The Commerce Department reported that the nation's gross domestic product rose 1.8 per cent in the first quarter, the weakest showing since last spring. Economists were expecting the economy's expansion to slow to 2.2 per cent in the first quarter.