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 as raised and narrowed its outlook on strong demand for its cancer-fighting treatments.

Shares of Newmont Corporation ( NEM ) jumped after the miner posted better-than-expected results as it benefited from gold production from its acquisition of Australia’s Newcrest.

Chipotle Mexican Grill ( CMG ) shares advanced with the food chain reporting a rise in foot traffic at its locations.

Oil futures fell and gold prices gained. The yield on the 10-year Treasury note was higher. The U.S. dollar lost ground to the euro and pound, but was up on the yen. Most major cryptocurrencies traded lower.