Meta Platforms, IBM, Merck, and More [Video]

U.S. equities plunged at midday Thursday as a report on gross domestic product (GDP) for the first quarter showed U.S. economic growth was slower than anticipated while inflation accelerated. The Dow and Nasdaq tumbled more than 1%, while the S&P 500 was also lower.

Meta Platforms (META) shares were a drag on the tech sector amid concerns about the social media giant’s spending on artificial intelligence (AI) after the company reported its latest results Wednesday.

Shares of IBM (IBM) also hurt the sector as the tech hardware, software, and consulting firm missed revenue estimates and announced it was paying $6.4 billion for multicloud infrastructure automation provider HashiCorp (HCP). HashiCorp shares climbed.

Textron (TXT) shares slumped after the defense and aerospace industry contractor said it was slashing jobs as the cancelation of U.S. Army programs and slowing commercial demand hurt sales. 

Merck (MRK) shares rose as the pharmaceutical firm beat profit and sales estimates, as well …